HB0192 - Rule against perpetuities-applicability.

 

2001

State of Wyoming

01LSO-0545

 

 

 

HOUSE BILL NO.  HB0192

 

 

Rule against perpetuities-applicability.

 

Sponsored by:  Representative(s) Stafford and Senator(s)
Coe

 

 

A BILL

 

for

 

 1  AN ACT relating to perpetuities; providing that trusts
 2  created after a certain date shall not be subject to the
 3  perpetuities limitations under certain circumstances as
 4  specified; and providing for an effective date.

 5 

 6  Be It Enacted by the Legislature of the State of Wyoming:

 7 

 8         Section 1.  W.S. 34-1-139 is amended to read:

 9 

10         34-1-139.  Perpetuities; time limits for vesting;
11  restrictions on selected lives; legislative intent.

12 

13         (a)  No interest in real or personal property shall be
14  good unless it must vest not later than twenty-one (21)
15  years after some life in being at the creation of the
16  interest and any period of gestation involved in the

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 1  situation to which the limitation applies. The lives
 2  selected to govern the time of vesting must not be so
 3  numerous nor so situated that evidence of their deaths is
 4  likely to be unreasonably difficult to obtain. It is
 5  intended by the enactment of this statute to make effective
 6  in this state the American common-law rule against
 7  perpetuities.

 8 

 9         (b)  Subsection (a) of this section shall not apply to
10  a trust created after July 1, 2001 if:

11 

12              (i)  The instrument creating the trust states
13  that the rule against perpetuities as provided in W.S.
14  34-1-139(a) shall not apply to the trust;

15 

16              (ii)  The instrument creating the trust states
17  that the trust shall terminate no later than nine hundred
18  fifty (950) years after the trust's creation; and

19 

20              (iii)  The trust is domiciled and administered
21  within this state.

22 

 

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 1         Section 2.  This act is effective July 1, 2001.

 2 

 3                         (END)

 

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