2007 Minnesota Statutes

501A.04 EXCLUSIONS FROM STATUTORY RULE.
Section 501A.01 (statutory rule against perpetuities) does not apply to:
(1) a nonvested property interest or a power of appointment arising out of a nondonative
transfer, except a nonvested property interest or a power of appointment arising out of (i) a
premarital or postmarital agreement, (ii) a separation or divorce settlement, (iii) a spouse's
election, (iv) a similar arrangement arising out of a prospective, existing, or previous marital
relationship between the parties, (v) a contract to make or not to revoke a will or trust, (vi) a
contract to exercise or not to exercise a power of appointment, (vii) a transfer in satisfaction of a
duty of support, or (viii) a reciprocal transfer;
(2) a fiduciary's power relating to the administration or management of assets, including the
power of a fiduciary to sell, lease, or mortgage property, and the power of a fiduciary to determine
principal and income;
(3) a power to appoint a fiduciary;
(4) a discretionary power of a trustee to distribute principal before termination of a trust to a
beneficiary having an indefeasibly vested interest in the income and principal;
(5) a nonvested property interest held by a charity, government, or governmental agency or
subdivision, if the nonvested property interest is preceded by an interest held by another charity,
government, or governmental agency or subdivision;
(6) a nonvested property interest in or a power of appointment with respect to a trust
or other property arrangement forming part of a pension, profit sharing, stock bonus, health,
disability, death benefit, income deferral, or other current or deferred benefit plan for one or more
employees, independent contractors, or their beneficiaries or spouses, to which contributions are
made for the purpose of distributing to or for the benefit of the participants or their beneficiaries
or spouses the property, income, or principal in the trust or other property arrangement, except
a nonvested property interest or a power of appointment that is created by an election of a
participant or a beneficiary or spouse; or
(7) a property interest, power of appointment, or arrangement that was not subject to the
common law rule against perpetuities or is excluded by another statute of this state.
History: 1987 c 60 s 4