Introduced By: Senator Roney
Date Introduced : March 19, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Section 34-11-38 of the General Laws in Chapter 34-11 entitled "Form and Effect of Conveyances" is hereby amended to read as follows:
34-11-38. Rule against perpetuities reform. -- {DEL In
determining whether an interest would violate the rule against
perpetuities, the period of perpetuities shall be measured by
actual rather than possible events; provided, however, the period
shall not be measured by any lives whose continuance does not
have a causal relationship to the vesting or failure of the interest.
Any interest which would violate the rules as thus modified shall
be reformed, within the limits of that rule, to approximate most
closely the intention of the creator of the interest. This section
shall not be construed to invalidate or modify the terms of any
interest which would have been valid prior to May 17, 1983. This
section shall apply to both legal and equitable interests. DEL}
{ADD The common law rule against perpetuities shall no longer be
deemed to be in force and/or of any effect in this state. Provided,
the provisions of this section shall not be construed to invalidate
or modify the terms of any interest which would have been valid
prior to the effective date of this act. Provided further, that
the provisions of this section shall apply to both legal and equitable
interests. ADD}
SECTION 2. This act shall take effect upon passage.
