§111. Statutory rule against perpetuities 1. Validity of nonvested property interest. A nonvested property interest is invalid unless: A. When the interest is created, it is certain to vest or terminate no later than 21 years after the death of an individual then alive; or [PL 2017, c. 402, Pt. B, §2 (NEW); […]
§112. When nonvested property interest or power of appointment created 1. General principles. Except as provided in subsections 2 and 3 and in section 115, subsection 1, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. [PL 2017, c. 402, Pt. […]
§113. Reformation Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor’s manifested plan of distribution and so that the reformed disposition is within the 90 years allowed by section 111, subsection 1, paragraph B; section 111, subsection 2, paragraph B; or section […]
§114. Exclusions from statutory rule against perpetuities Section 111 does not apply to: [PL 2017, c. 402, Pt. B, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Nonvested property interest or power of appointment arising out of nondonative transfer; exceptions. A nonvested property interest or a power of appointment arising out […]
§115. Application 1. Nonvested property interest or a power of appointment created prior to effective date of this chapter. This subsection governs nonvested property interests and powers of appointment created prior to July 1, 2019. A. Except as provided in section 116, subsection 1, this chapter may not be construed to invalidate or modify […]
§116. Contingent interests 1. Specified contingency within 30 years. Except as provided in subsection 2, a fee simple determinable in land or a fee simple in land subject to a right of entry for condition broken becomes a fee simple absolute if the specified contingency does not occur within 30 years from the date when […]
§117. Application of provisions This chapter applies to both legal and equitable interests. [PL 2017, c. 402, Pt. B, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. B, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 […]
§118. Supersession This chapter supersedes the rule of the common law known as the rule against perpetuities and it replaces chapter 5. [PL 2017, c. 402, Pt. B, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. B, §2 (NEW). PL 2017, c. 402, Pt. F, […]
