72-2-1001. Short title

72-2-1001. Short title. This part may be cited as the “Uniform Statutory Rule Against Perpetuities”. History: En. Sec. 1, Ch. 250, L. 1989; Sec. 70-1-801, MCA 1991; redes. 72-2-1001 by Code Commissioner, 1993.

72-2-1002. Statutory rule against perpetuities

72-2-1002. Statutory rule against perpetuities. (1) 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 (b) the interest either vests or terminates within 90 years after its creation. (2) A general power of appointment […]

72-2-1003. When nonvested property interest or power of appointment created

72-2-1003. When nonvested property interest or power of appointment created. (1) Except as provided in 72-2-1005 and subsections (2) and (3) of this section, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (2) For purposes of this part, if there is a person […]

72-2-1004. Reformation

72-2-1004. 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 that is within the 90 years allowed by 72-2-1002(1)(b), (2)(b), or (3)(b) if: (1) a nonvested property interest or a power of appointment becomes invalid under 72-2-1002; (2) a […]

72-2-1005. Exclusions from statutory rule against perpetuities

72-2-1005. Exclusions from statutory rule against perpetuities. Section 72-2-1002 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 a: (a) premarital or postmarital agreement; (b) separation or divorce settlement; (c) spouse’s election; (d) similar arrangement arising out […]

72-2-1006. Prospective application

72-2-1006. Prospective application. (1) Except as extended by subsection (2), this part applies to a nonvested property interest or a power of appointment created on or after October 1, 1989. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when […]

72-2-1007. Uniformity of application and construction

72-2-1007. Uniformity of application and construction. This part must be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this part among the states enacting it. History: En. Sec. 7, Ch. 250, L. 1989; Sec. 70-1-807, MCA 1991; redes. 72-2-1007 by Code Commissioner, 1993.

72-2-1008. through 72-2-1016 reserved

72-2-1008 through 72-2-1016 reserved.

72-2-1017. Honorary trusts — trusts for pets

72-2-1017. Honorary trusts — trusts for pets. (1) Subject to subsection (3), a trust may be performed by the trustee for 21 years but no longer, whether or not the terms of the trust contemplate a longer duration if: (a) a trust is for a specific lawful noncharitable purpose or for lawful noncharitable purposes to be selected […]