SB105 Alabama 2011 Session

Sponsors

Session

Regular Session 2011

Title

Real and personal property, rule against perpetuities, duration of interests prior to vesting, Uniform Statutory Rule Against Perpetuities adopted, common law rule repealed, real and personal property to vest in 100 years, trust up to 360 years, Secs. 35-4A-421 to 35-4A-428, inclusive, added; Sec. 35-4-4 repealed

Description

<p class="bill_description"> Under existing law, the common law rule against perpetuities has been adopted by statute in this state and is applicable to real and personal property. Generally, an interest in property is required to vest within a life in being plus 21 years</p><p class="bill_description"> This bill would substantially adopt the Uniform Statutory Rule Against Perpetuities approved by the National Conference of Commissioners on Uniform State Laws. The permissible vesting period would be 100 years for real and personal property other than a trust. The duration of a trust could not exceed 360 years</p><p class="bill_entitled_an_act"> To add Chapter 4A to Title 35, Code of Alabama 1975, to enact the Alabama Uniform Statutory Rule Against Perpetuities; to provide for the vesting period of interests in real and personal property and for the duration of trusts; and to repeal Section 35-4-4 of the Code of Alabama 1975. </p>

Subjects

Property, Real and Personal