41-15. Statutory rule against perpetuities. (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 after its creation. (b) A […]
41-16. When nonvested property interest or power of appointment created. (a) Except as provided in subsections (b) and (c) of this section and in G.S. 41-19(a), the time for creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (b) For purposes of this Article, if […]
41-17. 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 G.S. 41-15(a)(2), 41-15(b)(2), or 41-15(c)(2) if: (1) A nonvested property interest or a power of appointment becomes invalid under […]
41-18. Exclusions from statutory rule against perpetuities. G.S. 41-15 does not apply to any of the following: (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 any of the following: a. A premarital or postmarital […]
41-19. Prospective application. (a) Except as extended by subsection (b) of this section, this Article applies to a nonvested property interest or a power of appointment that is created on or after October 1, 1995. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a […]
41-20. Short title. This Article may be cited as the Uniform Statutory Rule Against Perpetuities. (1995, c. 190, s. 1.)
41-21. Uniformity of application and construction. This Article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this Article among states enacting it. (1995, c. 190, s. 1.)
41-23. Perpetuities and suspension of power of alienation for trusts. (a) A trust is void if it suspends the power of alienation of trust property, as that term is defined in G.S. 36C-1-103, for longer than the permissible period. The permissible period is no later than 21 years after the death of an individual then […]
