55-12.1 - Uniform Statutory Rule Against Perpetuities. - Virginia Statutes

§ 55-12.1. Uniform Statutory Rule Against Perpetuities.

A. A nonvested property interest is invalid unless:

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

2. The interest either vests or terminates within ninety years after itscreation.

B. A general power of appointment not presently exercisable because of acondition precedent is invalid unless:

1. When the power is created, the condition precedent is certain to besatisfied or becomes impossible to satisfy no later than twenty-one yearsafter the death of an individual then alive; or

2. The condition precedent either is satisfied or becomes impossible tosatisfy within ninety years after its creation.

C. A nongeneral power of appointment or a general testamentary power ofappointment is invalid unless:

1. When the power is created, it is certain to be irrevocably exercised orotherwise to terminate no later than twenty-one years after the death of anindividual then alive; or

2. The power is irrevocably exercised or otherwise terminates within ninetyyears after its creation.

D. In determining whether a nonvested property interest or a power ofappointment is valid under subdivision A 1, B 1, or C 1, the possibility thata child will be born to an individual after the individual's death isdisregarded.

E. If, in measuring a period from the creation of a trust or other propertyarrangement, language in a governing instrument (i) seeks to disallow thevesting or termination of any interest or trust beyond; (ii) seeks topostpone the vesting or termination of any interest or trust until; or (iii)seeks to operate in effect in any similar fashion upon, the later of (a) theexpiration of a period of time not exceeding twenty-one years after the deathof the survivor of specified lives in being at the creation of the trust orother property arrangement or (b) the expiration of a period of time thatexceeds or might exceed twenty-one years after the death of the survivor oflives in being at the creation of the trust or other property arrangement,that language is inoperative to the extent it produces a period of time thatexceeds twenty-one years after the death of the survivor of the specifiedlives.

(2000, c. 714.)