A bill to amend 1988 PA 418, entitled “Uniform statutory rule against perpetuities,” by amending sections 3 and 5 (MCL 554.73 and 554.75), section 5 as amended by 2011 PA 11.
The bill's primary focus is on modifying the rules concerning the timing for the creation of nonvested property interests and powers of appointment. It introduces exceptions for nonvested property interests arising from various non-donative transfers, including those related to marital agreements, fiduciary powers, and certain trustee powers. Furthermore, the bill extends the period for determining the validity of certain interests or powers from 90 to 360 years, specifically in the context of the personal property trust perpetuities act. This legislative change reflects an adjustment in the limitation of the personal property trust perpetuities act to certain properties.
Introduced
by
Referred to the Committee on Judiciary
