Michigan HB4034 revises the uniform statutory rule against perpetuities to apply a 360-year limitation to certain property interests.

Michigan HB4034 amends sections 3 and 5 of the 1988 Personal Property Trust Perpetuities Act to revise the uniform statutory rule against perpetuities. The bill specifies that the time of creation of a nonvested property interest or a power of appointment is determined by statutory or common law. It excludes certain interests from the rule, such as those arising from nondonative transfers, premarital or postmarital agreements, and separation or divorce settlements. The bill also applies a 360-year limitation to certain property interests, replacing the previous 90-year period.

Michigan HB4034 revises the uniform statutory rule against perpetuities to apply a 360-year limitation to certain property interests.

Michigan HB4034 amends sections 3 and 5 of the 1988 Personal Property Trust Perpetuities Act to revise the uniform statutory rule against perpetuities. The bill specifies that the time of creation of a nonvested property interest or a power of appointment is determined by statutory or common law. It excludes certain interests from the rule, such as those arising from nondonative transfers, premarital or postmarital agreements, and separation or divorce settlements. The bill also applies a 360-year limitation to certain property interests, replacing the previous 90-year period.