Bill > HB4864

This bill amends the Uniform Statutory Rule Against Perpetuities Act by modifying sections 3 and 5 of the existing law. The key changes are: 1. Except in certain cases, the time of creation of a nonvested property interest or power of appointment is determined by statutory or common law. 2. For a nonvested property interest or power of appointment where someone can become the sole beneficial owner, the interest/power is created when that power terminates. 3. The rule against perpetuities in section 2 does not apply to certain types of interests and powers, including those subject to the Personal Property Trust Perpetuities Act. However, the rule does apply to interests/powers created by exercising a "second power" under the Personal Property Trust Perpetuities Act, using a longer 360-year period instead of 90 years. The bill specifies that it only takes effect if another related bill (House Bill No. 4863) is also enacted into law.