Bill > HB1339

This bill amends the law concerning the rule against perpetuities in Arkansas. The key provisions are: 1. Extending the time period for the vesting or termination of nonvested property interests, general powers of appointment, and nongeneral or general testamentary powers of appointment from 90 years to 365 years. 2. Allowing courts to reform dispositions that would otherwise violate the rule against perpetuities, as long as the reformation is within the 365-year time period. 3. Applying the changes retroactively to property interests and powers of appointment created before the effective date of the act, if they are determined to violate the previous rule against perpetuities. 4. Removing the "Uniform" designation from the title of the Statutory Rule Against Perpetuities, indicating that Arkansas is no longer aligning its law with a uniform act. The rule against perpetuities is a legal doctrine that limits the time period in which certain property interests and powers of appointment can take effect, with the aim of preventing property from being tied up indefinitely. This bill significantly extends the applicable time period in Arkansas.

Justice

https://www.arkleg.state.ar.us/Bills/Detail?id=hb1339&ddBienniumSession=2023%2F2023R