Section 1 Validity of nonvested property interest or power of appointment - Massachusetts Statutes

[Text of section effective until July 1, 2011. Repealed by 2008, 521, Sec. 4. See 2008, 521, Sec. 44.]

Section 1. (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 clause (1) of paragraph (a), clause (1) of paragraph (b), or clause (1) of paragraph (c), the possibility that a child will be born to an individual after the individual’s death is disregarded.