Section 554.74 - Reforming disposition; petition. - Michigan Statutes

UNIFORM STATUTORY RULE AGAINST PERPETUITIES (EXCERPT)
Act 418 of 1988

554.74 Reforming disposition; petition.

Sec. 4.

Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor's manifested plan of distribution that is within the 90 years allowed by section 2(1)(b), (2)(b), or (3)(b) and 1 or more of the following are applicable:

(a) A nonvested property interest or a power of appointment becomes invalid under section 2.

(b) A class gift is not but might become invalid under section 2 and the time has arrived when the share of any class member is to take effect in possession or enjoyment.

(c) A nonvested property interest that is not validated by section 2(1)(a) can vest but not within 90 years after its creation.

History: 1988, Act 418, Imd. Eff. Dec. 27, 1988