16-116. Agreements by electric or gas public utilities waiving partition rights or restricting alienation of certain properties authorized; application of act.
16-116
16-116. Agreements by electric or gas public utilities waiving
partition rights or restricting alienation of certain properties
authorized; application of act.
(a) Any two (2) or more persons who own or intend to own, jointly or as
tenants in common, any property that is used or is to be used, in whole
or in part, for the generation, transmission or distribution of
electricity, or for the production, gathering, storage, processing,
transmission or distribution of manufactured or natural gas, may enter
into an agreement waiving their respective rights with respect to the
partition of such property, or otherwise restricting the alienation
thereof, for a period of time ending not later than the abandonment of
such use. Without limiting the general application of the foregoing, the
rule of law commonly known as the rule against perpetuities and the rule
of law commonly known as the rule prohibiting unreasonable restraints on
alienation of property shall not be applied to invalidate, render
unenforceable or otherwise affect any such agreement.
(b) The provisions of this act shall apply to any such agreement
entered into either prior or subsequent to the effective date of this
act.
History: L. 1969, ch. 304, § 2; July 1.