Uniform Statutory Rule Against Perpetuities; trusts, certain nonvested property interests.
It became law on Mar 8, 2024.
- Stage
- Became law
- Started in
- House
- Latest action
- Mar 8, 2024
What it does
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 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…
Where it stands
This bill passed and is now law.
Introduced (Done)
Committee (Done)
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Law (Done)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
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Where it goes next
It is law in Virginia. What happens now is up to the agency that carries it out, the courts, and the place itself.