Uniform Statutory Rule Against Perpetuities; trusts, certain nonvested property interests. (HB836)

Introduced By

Del. Rae Cousins (D-Richmond) with support from co-patron Del. Rozia Henson (D-Woodbridge)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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 trust instrument to provide an exception to the Uniform Statutory Rule Against Perpetuities shall apply only to a nonvested interest in or power of appointment over personal property held in trust, or a power of appointment over personal property granted under a trust, if such interest or power was created between July 1, 2000, and June 30, 2024, but shall not apply to such interests or powers created on or after July 1, 2024. This bill is identical to SB 470. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2024Committee
01/09/2024Prefiled and ordered printed; offered 01/10/24 24102441D
01/09/2024Referred to Committee for Courts of Justice
01/19/2024Assigned Courts sub: Civil
01/23/2024Assigned Courts sub: Civil
01/24/2024Subcommittee recommends reporting (8-Y 0-N)
01/26/2024Reported from Courts of Justice (21-Y 0-N) (see vote tally)
01/30/2024Read first time
01/31/2024Read second time and engrossed
02/01/2024Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/01/2024VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/02/2024Constitutional reading dispensed
02/02/2024Referred to Committee for Courts of Justice
02/14/2024Reported from Courts of Justice (9-Y 0-N) (see vote tally)
02/16/2024Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/19/2024Read third time
02/19/2024Passed Senate (39-Y 0-N) (see vote tally)
02/22/2024Enrolled
02/22/2024Bill text as passed House and Senate (HB836ER)
02/22/2024Signed by Speaker
02/25/2024Signed by President
03/01/2024Enrolled Bill communicated to Governor on March 1, 2024
03/01/2024G Governor's Action Deadline 11:59 p.m., March 8, 2024
03/08/2024G Approved by Governor-Chapter 52 (effective 7/1/24)
03/08/2024G Acts of Assembly Chapter text (CHAP0052)

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