|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 06, 2016||referred to judiciary|
|Jan 12, 2015||referred to judiciary|
assembly Bill A1737
Archive: Last Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A1737 - Details
A1737 - Summary
Creates the Uniform Statutory Rule Against Perpetuities; adopts the "wait and see" for dealing with future interests; gives a period of time within which an interest can actually vest; provides that the rule begins to run at the time an interest is created and that there are certain exceptions to the rule.
A1737 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1737 2015-2016 Regular Sessions I N A S S E M B L Y January 12, 2015 ___________ Introduced by M. of A. WRIGHT -- read once and referred to the Committee on Judiciary AN ACT to amend the estates, powers and trusts law and the insurance law, in relation to creating a Uniform Statutory Rule Against Perpetu- ities; and repealing part 1 of article 9 of the estates, powers and trusts law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Part 1 of article 9 of the estates, powers and trusts law is REPEALED and a new part 1 of article 9 is added to read as follows: PART 1. UNIFORM STATUTORY RULE AGAINST PERPETUITIES SECTION 9-1.1 SHORT TITLE 9-1.2 VALIDITY OF NONVESTED PROPERTY INTEREST OR POWER OF APPOINTMENT 9-1.3 CREATION OF PROPERTY INTERESTS AND POWERS OF APPOINTMENT 9-1.4 REFORMATION OF PROPERTY DISPOSITIONS 9-1.5 EXCEPTIONS TO RULE 9-1.6 EFFECT OF TIMING OF CREATION OF PROPERTY INTEREST; SAVINGS CLAUSE 9-1.7 APPLICATION AND CONSTRUCTION 9-1.8 EFFECT ON COMMON LAW S 9-1.1 SHORT TITLE THIS PART SHALL BE KNOWN AS AND MAY BE CITED AS THE "UNIFORM STATUTORY RULE AGAINST PERPETUITIES." S 9-1.2 VALIDITY OF NONVESTED PROPERTY INTEREST OR POWER OF APPOINTMENT (A) A NONVESTED PROPERTY INTEREST IS INVALID UNLESS: (1) WHEN THE INTEREST IS CREATED, IT IS CERTAIN TO VEST OR TERMINATE NO LATER THAN TWENTY-ONE YEARS AFTER THE DEATH OF AN INDIVIDUAL THEN ALIVE; OR (2) THE INTEREST EITHER VESTS OR TERMINATES WITHIN NINETY YEARS AFTER ITS CREATION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04962-01-5
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