Minnesota Session Laws - 1988, Regular Session

  

                         Laws of Minnesota 1988 

                        CHAPTER 482-H.F.No. 1961 
           An act relating to property interests; setting the 
          effective date of the uniform statutory rule against 
          perpetuities; amending Minnesota Statutes 1987 
          Supplement, section 501A.05; and Laws 1987, chapter 
          60, section 10. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1987 Supplement, section 
501A.05, is amended to read:  
    501A.05 [PROSPECTIVE APPLICATION.] 
    (a) Except as extended by subsection (b), sections 501A.01 
to 501A.07 apply to a nonvested property interest or a power of 
appointment that is created after December 31, 1987 1989.  For 
purposes of this section, a nonvested property interest or a 
power of appointment created by the exercise of a power of 
appointment is created when the power is irrevocably exercised 
or when a revocable exercise becomes irrevocable. 
    (b) If a nonvested property interest or a power of 
appointment was created before January 1, 1988 1990, and is 
determined in a judicial proceeding, commenced after December 
31, 1987 1989, to violate this state's rule against perpetuities 
as that rule existed before January 1, 1988 1990, a court upon 
the petition of an interested person may reform the disposition 
in the manner that most closely approximates the transferor's 
manifested plan of distribution and is within the limits of the 
rule against perpetuities applicable when the nonvested property 
interest or power of appointment was created. 
    Sec. 2.  Laws 1987, chapter 60, section 10, is amended to 
read: 
    Sec. 10.  [TIME OF TAKING EFFECT.] 
    This act takes effect August 1, 1988 January 1, 1990. 
    Approved April 12, 1988