76-2002 Statutory rule against perpetuities. - Nebraska Statutes

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Statutes > Nebraska > Chapter76 > 76-2002

76-2002. Statutory rule against perpetuities.(a) A nonvested property interest is invalid unless:(1) When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or(2) The interest either vests or terminates within ninety years after its creation.(b) A general power of appointment not presently exercisable because of a condition precedent is invalid unless:(1) When the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy no later than twenty-one years after the death of an individual then alive; or(2) The condition precedent either is satisfied or becomes impossible to satisfy within ninety years after its creation.(c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:(1) When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than twenty-one years after the death of an individual then alive; or(2) The power is irrevocably exercised or otherwise terminates within ninety years after its creation.(d) In determining whether a nonvested property interest or a power of appointment is valid under subdivision (a)(1), (b)(1), or (c)(1) of this section, the possibility that a child will be born to an individual after the individual's death is disregarded. SourceLaws 1989, LB 377, § 2.

State Codes and Statutes

Statutes > Nebraska > Chapter76 > 76-2002

76-2002. Statutory rule against perpetuities.(a) A nonvested property interest is invalid unless:(1) When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or(2) The interest either vests or terminates within ninety years after its creation.(b) A general power of appointment not presently exercisable because of a condition precedent is invalid unless:(1) When the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy no later than twenty-one years after the death of an individual then alive; or(2) The condition precedent either is satisfied or becomes impossible to satisfy within ninety years after its creation.(c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:(1) When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than twenty-one years after the death of an individual then alive; or(2) The power is irrevocably exercised or otherwise terminates within ninety years after its creation.(d) In determining whether a nonvested property interest or a power of appointment is valid under subdivision (a)(1), (b)(1), or (c)(1) of this section, the possibility that a child will be born to an individual after the individual's death is disregarded. SourceLaws 1989, LB 377, § 2.

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State Codes and Statutes

Statutes > Nebraska > Chapter76 > 76-2002

76-2002. Statutory rule against perpetuities.(a) A nonvested property interest is invalid unless:(1) When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or(2) The interest either vests or terminates within ninety years after its creation.(b) A general power of appointment not presently exercisable because of a condition precedent is invalid unless:(1) When the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy no later than twenty-one years after the death of an individual then alive; or(2) The condition precedent either is satisfied or becomes impossible to satisfy within ninety years after its creation.(c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:(1) When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than twenty-one years after the death of an individual then alive; or(2) The power is irrevocably exercised or otherwise terminates within ninety years after its creation.(d) In determining whether a nonvested property interest or a power of appointment is valid under subdivision (a)(1), (b)(1), or (c)(1) of this section, the possibility that a child will be born to an individual after the individual's death is disregarded. SourceLaws 1989, LB 377, § 2.