501A.01 WHEN NONVESTED INTEREST, POWERS OF APPOINTMENT ARE INVALID; EXCEPTIONS. (a) A nonvested property interest is invalid unless: (1) 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 (2) the interest either vests or terminates within 90 years […]
501A.02 WHEN NONVESTED PROPERTY INTEREST OR POWER OF APPOINTMENT CREATED. (a) Except as provided in subsections (b) and (c) and in section 501A.05, subsection (a), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (b) For purposes of sections 501A.01 to 501A.07, […]
501A.03 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 is within the 90 years allowed by section 501A.01, subsection (a)(2), (b)(2), or (c)(2) if: (1) a nonvested property interest or a power of appointment becomes […]
501A.04 EXCLUSIONS FROM STATUTORY RULE. Section 501A.01 (statutory rule against perpetuities) does not apply to: (1) a nonvested property interest or a power of appointment arising out of a nondonative transfer, except a nonvested property interest or a power of appointment arising out of (i) a premarital or postmarital agreement, (ii) a separation or divorce […]
501A.05 PROSPECTIVE APPLICATION. (a) Except as extended by subsection (b), sections 501A.01 to 501A.07 apply to a nonvested property interest or a power of appointment that is created after December 31, 1991. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment […]
501A.06 SUPERSEDES COMMON LAW RULE. Sections 501A.01 to 501A.07 supersede the rule of the common law known as the rule against perpetuities. History: 1987 c 60 s 6; 1989 c 340 art 2 s 2
501A.07 SHORT TITLE. Sections 501A.01 to 501A.07 may be cited as the “Uniform Statutory Rule Against Perpetuities.” History: 1987 c 60 s 7
