76-2002. Statutory rule against perpetuities.

219 words·~1 min read·/ne/chapter-76/76-2002

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A nonvested property interest is invalid unless:

(1)When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or

(2)The interest either vests or terminates within ninety years after its creation.

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

(1)When the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy no later than twenty-one years after the death of an individual then alive; or

(2)The condition precedent either is satisfied or becomes impossible to satisfy within ninety years after its creation.

(c)A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:

(1)When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than twenty-one years after the death of an individual then alive; or

(2)The power is irrevocably exercised or otherwise terminates within ninety years after its creation.

(d)In determining whether a nonvested property interest or a power of appointment is valid under subdivision (a)(1), (b)(1), or (c)(1) of this section, the possibility that a child will be born to an individual after the individual's death is disregarded.