Section 1201 – Statutory Rule Against Perpetuities.
75-2-1201. Statutory Rule Against Perpetuities. This part is known as the “Statutory Rule Against Perpetuities.” Amended by Chapter 301, 2003 General Session
Section 1202 – Uniformity of application and construction.
75-2-1202. Uniformity of application and construction. This part shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this section among states enacting it. Enacted by Chapter 39, 1998 General Session
Section 1203 – Validity of nonvested property interest — Validity of general power of appointment subject to a condition precedent — Validity of nongeneral or testamentary power of appointment — Effect of certain “later-of” type language.
75-2-1203. Validity of nonvested property interest — Validity of general power of appointment subject to a condition precedent — Validity of nongeneral or testamentary power of appointment — Effect of certain “later-of” type language. (1) A nonvested property interest is invalid unless within 1,000 years after the interest’s creation the interest vests or terminates. (2) […]
Section 1204 – When nonvested property interest or power of appointment created.
75-2-1204. When nonvested property interest or power of appointment created. (1) Except as provided in Subsections (2) and (3) and in Section 75-2-1207, 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 […]
Section 1205 – Reformation.
75-2-1205. 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 1,000 years allowed by Section 75-2-1203 if: (1) a nonvested property interest or a power of appointment becomes invalid under Section 75-2-1203; (2) […]
Section 1206 – Exclusions from statutory rule against perpetuities.
75-2-1206. Exclusions from statutory rule against perpetuities. Section 75-2-1203 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) a separation or divorce settlement; (c) […]
Section 1206.5 – Savings provision.
75-2-1206.5. Savings provision. A property interest that becomes invalid pursuant to Section 75-2-1203 upon the expiration of the 1,000-year period shall be distributed as follows: (1) If the property interest is payable to one person, it shall be distributed to that person. If the property interest is payable to more than one person, it shall […]
Section 1207 – Prospective application.
75-2-1207. Prospective application. (1) (a) Except as extended by Subsection (2), this section applies to a nonvested property interest or a power of appointment that is created on or after December 31, 2003. (b) For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power […]
Section 1208 – Rule against perpetuities does not apply.
75-2-1208. Rule against perpetuities does not apply. The common law rule against perpetuities does not apply in this state. Amended by Chapter 301, 2003 General Session
Section 1209 – Real estate conveyed to a trust under the Statutory Rule Against Perpetuities.
75-2-1209. Real estate conveyed to a trust under the Statutory Rule Against Perpetuities. On or after the effective date, when title to real property is granted to the trustee of a trust governed by Title 75, Chapter 2, Part 12, Statutory Rule Against Perpetuities, the terms of the trust, provisions regarding the appointment of successor […]