HB 1316 - AS INTRODUCED
2001 SESSION
06/09
HOUSE BILL 1316
AN ACT eliminating the application of the rule against perpetuities in certain trusts which contain safeguards relative to the continued alienability of property.
SPONSORS: Rep. Moran, Hills 15; Rep. Goulet, Hills 15; Sen. Roberge, Dist 9
This bill eliminates the common law rule against perpetuities for certain trusts that contain provisions relative to the alienability of property.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01-2207
06/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand One
AN ACT eliminating the application of the rule against perpetuities in certain trusts which contain safeguards relative to the continued alienability of property.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Exemption From Rule Against Perpetuities for Certain Trusts. Amend RSA 547 by inserting after section 3-i the following new section:
547:3-j Trusts Exempt From the Rule Against Perpetuities. The probate court shall not apply the common law rule against perpetuities to an express written trust, created after the effective date of this section if:
I. The instrument creating the trust contains a provision which expressly exempts the trust from the application of the rule against perpetuities; and
II. The trustee, or other person to whom the power is properly granted or delegated, has the power under the governing instrument, applicable statute, or common law, to sell, mortgage, or lease property for any period of time beyond the period that is required for an interest created under the governing instrument to vest in order to be valid under the rule against perpetuities.
2 Effective Date. This act shall take effect January 1, 2003.