Indiana § 32-17-8-3 Nonvested property interests; powers of appointment; validity

Indiana Statutes

§ 32-17-8-3 — Nonvested property interests; powers of appointment; validity

Indiana·Title 32 PROPERTY·Art. 17 INTERESTS IN PROPERTY·Ch. 8 Uniform Statutory Rule Against Perpetuities

(a)A nonvested property interest is valid if:

(1)when the interest is created, the interest is certain to vest or terminate not later than twenty-one (21) years after the death of an individual then alive; or

(2)the interest either vests or terminates within three hundred sixty (360) years after the interest's creation, unless the terms of the trust require that all beneficial interests in the trust vest or terminate within a lesser period of time.

(b)A general power of appointment not presently exercisable because of a condition precedent is valid if:

(1)when the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy not later than twenty-one (21) years after the death of an individual then alive; or

(2)the condition precedent either is

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(a) A nonvested property interest is valid if:
(1) when the interest is created, the interest is certain to vest or
terminate not later than twenty-one (21) years after the death of
an individual then alive; or
(2) the interest either vests or terminates within three hundred
sixty (360) years after the interest's creation, unless the terms of
the trust require that all beneficial interests in the trust vest or
terminate within a lesser period of time.
(b) A general power of appointment not presently exercisable
because of a condition precedent is valid if:
(1) when the power is created, the condition precedent is certain
to be satisfied or become impossible to satisfy not later than
twenty-one (21) years after the death of an individual then alive;
or
(2) the condition precedent either is satisfied or becomes
impossible to satisfy within three hundred sixty (360) years after
the condition precedent's creation, unless the terms of the trust
require that all beneficial interests in the trust vest or terminate
within a lesser period of time.
(c) A nongeneral power of appointment or a general testamentary
power of appointment is valid if:
(1) when the power is created, the power is certain to be
irrevocably exercised or otherwise to terminate not later than
twenty-one (21) years after the death of an individual then alive;
or
(2) the power is irrevocably exercised or otherwise terminates
within three hundred sixty (360) years after the power's creation,
unless the terms of the trust require that all beneficial interests in
the trust vest or terminate within a lesser period of time.
(d) In determining whether a nonvested property interest or a power
of appointment is valid under subsection (a)(1), (b)(1), or (c)(1), the
possibility that a child will be born to an individual after the
individual's death is disregarded.
[Pre-2002 Recodification Citation: 32-1-4.5-3.]

Indiana § 32-17-8-3 (Nonvested property interests; powers of appointment; validity) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.