§ 32-17-8-6 — Judicial reformation of disposition

Indiana § 32-17-8-6

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

Text

Upon the petition of an interested person, a
court shall reform a disposition in the manner that most closely
preserves the transferor's plan of distribution and is within the three
hundred sixty (360) years allowed by section 3(a)(2), 3(b)(2), or 3(c)(2)
of this chapter if:
(1) a nonvested property interest or a power of appointment
becomes invalid under section 3 of this chapter;
(2) a class gift is not but might become invalid under section 3 of
this chapter and the time has arrived when the share of any class
member is to take effect in possession or enjoyment; or
(3) a nonvested property interest that is not validated by section
3(a)(1) of this chapter can vest but not within three hundred sixty
(360) years after the interest's creation.
[Pre-2002 Recodification Citation: 32-1-4.5-6.]

Legislative History

As added by P.L.2-2002, SEC.2. Amended by P.L.61-2024, SEC.4.