393.105. Rules against restraints on alienation and against perpetuities not to apply, when. - Missouri Statutes

Rules against restraints on alienation and against perpetuities not toapply, when.

393.105. 1. Any two or more electrical corporations or gascorporations which own or intend to own, jointly or as tenants incommon, any real or personal property, or any interest therein,that is used or is to be used, in whole or in part, for thegeneration, transmission or distribution of electricity or forthe production, gathering, storage, processing, transmission ordistribution of manufactured or natural gas may enter into anagreement waiving their respective rights with respect to thepartition of the property or otherwise restricting the alienationthereof for a period of time ending not later than theabandonment of the use.

2. Without limiting the general application of subsection 1of this section, the rule of law commonly known as the ruleagainst perpetuities and the rule of law commonly known as therule prohibiting unreasonable restraints on alienation ofproperty shall not be applied to invalidate, render unenforceableor otherwise affect any agreement entered into pursuant to thissection.

(L. 1975 S.B. 117)