Bill > SB1377

This bill amends Section 112.036 of the Texas Property Code to modify the rule against perpetuities. The key changes are: (1) the rule against perpetuities now applies only to interests in trusts, not charitable trusts; (2) for trusts that become irrevocable on or after September 1, 2021, interests must vest within 300 years of the trust's effective date; (3) for trusts that become irrevocable before September 1, 2021, interests must vest within 21 years of a life in being, unless the trust instrument provides that the new 300-year rule applies; and (4) any interest in a trust may be reformed or construed as provided by existing law. The bill takes effect on September 1, 2021.

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https://capitol.texas.gov/BillLookup/History.aspx?LegSess=87R&Bill=SB1377