Bill > HB5793

This bill amends the Uniform Statutory Rule Against Perpetuities by making changes to sections 3 and 5 of the existing law. The key provisions are: 1. It clarifies when the time of creation of a nonvested property interest or power of appointment is determined, specifying that it is based on statutory or common law, except in certain cases where it is determined when the power to become the unqualified beneficial owner terminates or when the original contribution was created. 2. It provides exceptions to the application of the rule against perpetuities, including for nondonative transfers, fiduciary powers, powers to appoint a fiduciary, and discretionary powers of a trustee. Importantly, it also exempts interests or powers of appointment covered under the Personal Property Trust Perpetuities Act, 2008 PA 148, except when that act's second power is exercised, in which case a 360-year period is used instead of 90 years.