§ 34-1-139 — Perpetuities; time limits for vesting; restrictions on selected lives; legislative intent

(a) No interest in real property shall be valid unless it
must vest not later than twenty-one (21) years after some life
in being at the creation of the interest and any period of
gestation involved in the situation to which the limitation
applies. The lives selected to govern the time of vesting must
not be so numerous nor so situated that evidence of their deaths
is likely to be unreasonably difficult to obtain. It is intended
by this subsection to make effective in this state the American
common-law rule against perpetuities for interests in real
property.
(b) A trust created after July 1, 2003, owning or holding
property other than or in addition to interests in real
property, shall continue for up to one thousand (1,000) years
after the trust's creation, unless some earlier term is
expressly set forth in the trust instrument, so long as:
(i) Repealed by Laws 2019, ch. 47, § 2.
(ii) Repealed by Laws 2019, ch. 47, § 2.
(iii) The trust is governed by the laws of this
state;
(iv) The trustee maintains a place of business,
administers the trust in this state or is a resident of this
state; and
(v) The trust terms require that any power of
appointment over the trust property, other than interests in
real property, terminate and all such interests in trust
property vest or terminate no later than one thousand (1,000)
years after the trust's creation or such earlier date as is set
forth in the trust instrument.
(c) Repealed by Laws 2019, ch. 47, § 2.
(d) Repealed by Laws 2019, ch. 47, § 2.
(e) If a trust owns or holds both interests in real
property and interests in property other than real property,
subsection (a) of this section shall apply to any real property
interests held in the trust and subsection (b) shall apply to
the remaining property of the trust.