SB470
Uniform Statutory Rule Against Perpetuities; trusts, certain nonvested property interests.
Summary
As Introduced. Uniform Statutory Rule Against Perpetuities; trusts; certain nonvested property interests or powers of appointment over property or property interests.
Extends from 90 years to 1,000 years the period for which a nonvested property interest held in trust may vest or terminate, or for which a power of appointment over property or property interests may be exercised. The bill clarifies that such extension applies only to such interests or powers ... (More) that were created on or after July 1, 2024, and that such extension does not apply to real property held in trust or a power of appointment over real property granted under a trust. The bill also provides that the current law that allows the terms of a trust instrument to provide an exception to the Uniform Statutory Rule Against Perpetuities shall apply only to a nonvested interest in or power of appointment over personal property held in trust, or a power of appointment over personal property granted under a trust, if such interest or power was created between July 1, 2000, and June 30, 2024, but shall not apply to such interests or powers created on or after July 1, 2024. This bill is identical to HB 836. (Less)-
Bill History
- 01/09/2024 - Senate: Prefiled and ordered printed; offered 01/10/24 24102486D
- 01/09/2024 - Senate: Referred to Committee for Courts of Justice
- 02/05/2024 - Senate: Reported from Courts of Justice (15-Y 0-N)
- 02/06/2024 - Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/07/2024 - Senate: Read second time and engrossed
- 02/07/2024 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/07/2024 - Senate: Passed Senate (40-Y 0-N)
- 02/13/2024 - House: Placed on Calendar
- 02/13/2024 - House: Read first time
- 02/13/2024 - House: Referred to Committee for Courts of Justice
- 02/16/2024 - House: Reported from Courts of Justice (22-Y 0-N)
- 02/20/2024 - House: Read second time
- 02/21/2024 - House: Read third time
- 02/21/2024 - House: Passed House BLOCK VOTE (100-Y 0-N)
- 02/21/2024 - House: VOTE: Block Vote Passage (100-Y 0-N)
- 02/26/2024 - Senate: Enrolled
- 02/26/2024 - Senate: Bill text as passed Senate and House (SB470ER)
- 02/26/2024 - House: Signed by Speaker
- 02/28/2024 - Senate: Signed by President
- 03/11/2024 - Senate: Enrolled Bill Communicated to Governor on March 11, 2024
- 03/11/2024 - Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 03/20/2024 - Governor: Approved by Governor-Chapter 123 (effective 7/1/24)
- 03/20/2024 - Governor: Acts of Assembly Chapter text (CHAP0123)
