assembly Bill A1737

2015-2016 Legislative Session

Creates the Uniform Statutory Rule Against Perpetuities; repealer

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to judiciary
Jan 12, 2015 referred to judiciary

A1737 - Details

Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Rpld & add Art 9 Part 1 §§9-1.1 - 9-1.8, amd §§7-2.1 & 11-2.2, EPT L; amd §7302, Ins L
Versions Introduced in Previous Legislative Sessions:
2013-2014: A2815
2011-2012: A2202
2009-2010: A1510

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is REPEALED and a new part 1 of article 9 is added to read as follows: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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