55-13.3 - Application of the rule against perpetuities to nondonative transfers. - Virginia Statutes

§ 55-13.3. Application of the rule against perpetuities to nondonativetransfers.

A. Except for the transactions set forth in § 55-12.4, which are governed bythe provisions of §§ 55-12.1 through 55-12.6, a nondonative transfer of aninterest in property fails, if the interest does not vest, if it ever vests,within the period of the common law rule against perpetuities.

B. The provisions of this section (i) in force on June 30, 2000, shall applyto all donative interests created on or after July 1, 1982, and before July1, 2000, and (ii) in force on July 1, 2000, shall apply to all nondonativeinterests created on or after July 1, 1982.

C. The rule against perpetuities shall not apply to any trust or any interestcreated in personal property held in such trust, or to any power ofappointment over personal property held in such trust, or to any power ofappointment over personal property granted under such trust, when the trustinstrument, by its terms, provides that the rule against perpetuities shallnot apply to such trust.

(1982, c. 249; 2000, cc. 658, 714.)