State Codes and Statutes

Statutes > North-carolina > Chapter_41 > GS_41-18

§41‑18.  Exclusions from statutory rule against perpetuities.

G.S. 41‑15 does notapply to:

(1)        A nonvested propertyinterest or a power of appointment arising out of a nondonative transfer,except a nonvested property interest or a power of appointment arising out of:

a.         A premarital orpostmarital agreement;

b.         A separation ordivorce settlement;

c.         A spouse's election;

d.         A similararrangement arising out of a prospective, existing, or previous maritalrelationship between the parties;

e.         A contract to makeor not to revoke a will or trust;

f.          A contract toexercise or not to exercise a power of appointment;

g.         A transfer insatisfaction of a duty of support; or

h.         A reciprocaltransfer;

(2)        A fiduciary's powerrelating to the administration or management of assets, including the power ofa fiduciary to sell, lease, or mortgage property, and the power of a fiduciaryto determine principal and income;

(3)        A power to appoint afiduciary;

(4)        A discretionarypower of a trustee to distribute principal before termination of a trust to abeneficiary having an indefeasibly vested interest in the income and principal;

(5)        A nonvested propertyinterest held by a charity, government, or governmental agency or subdivision,if the nonvested property interest is preceded by an interest held by anothercharity, government, or governmental agency or subdivision;

(6)        A nonvested propertyinterest in or a power of appointment with respect to a trust or other propertyarrangement forming part of a pension, profit‑sharing, stock bonus,health, disability, death benefit, income deferral, or other current ordeferred benefit plan for one or more employees, independent contractors, ortheir beneficiaries or spouses, to which contributions are made for the purposeof distributing to or for the benefit of the participants or theirbeneficiaries or spouses the property, income, or principal in the trust orother property arrangement, except a nonvested property interest or a power ofappointment that is created by an election of a participant or a beneficiary orspouse;

(7)        A property interest,power of appointment, or arrangement that was not subject to the common‑lawrule against perpetuities or is excluded by another statute of this State;

(8)        A property interestor arrangement subjected to a time limit under Article 14 of Chapter 36A,"Honorary Trusts; Trusts for Pets; Trusts for Cemetery Lots"; or

(9)        A property interestor arrangement subjected to a time limit under Article 3 of this Chapter,"Time Limits on Options in Gross and Certain Other Interests inLand". (1995, c. 190, ss. 1‑3.)

State Codes and Statutes

Statutes > North-carolina > Chapter_41 > GS_41-18

§41‑18.  Exclusions from statutory rule against perpetuities.

G.S. 41‑15 does notapply to:

(1)        A nonvested propertyinterest or a power of appointment arising out of a nondonative transfer,except a nonvested property interest or a power of appointment arising out of:

a.         A premarital orpostmarital agreement;

b.         A separation ordivorce settlement;

c.         A spouse's election;

d.         A similararrangement arising out of a prospective, existing, or previous maritalrelationship between the parties;

e.         A contract to makeor not to revoke a will or trust;

f.          A contract toexercise or not to exercise a power of appointment;

g.         A transfer insatisfaction of a duty of support; or

h.         A reciprocaltransfer;

(2)        A fiduciary's powerrelating to the administration or management of assets, including the power ofa fiduciary to sell, lease, or mortgage property, and the power of a fiduciaryto determine principal and income;

(3)        A power to appoint afiduciary;

(4)        A discretionarypower of a trustee to distribute principal before termination of a trust to abeneficiary having an indefeasibly vested interest in the income and principal;

(5)        A nonvested propertyinterest held by a charity, government, or governmental agency or subdivision,if the nonvested property interest is preceded by an interest held by anothercharity, government, or governmental agency or subdivision;

(6)        A nonvested propertyinterest in or a power of appointment with respect to a trust or other propertyarrangement forming part of a pension, profit‑sharing, stock bonus,health, disability, death benefit, income deferral, or other current ordeferred benefit plan for one or more employees, independent contractors, ortheir beneficiaries or spouses, to which contributions are made for the purposeof distributing to or for the benefit of the participants or theirbeneficiaries or spouses the property, income, or principal in the trust orother property arrangement, except a nonvested property interest or a power ofappointment that is created by an election of a participant or a beneficiary orspouse;

(7)        A property interest,power of appointment, or arrangement that was not subject to the common‑lawrule against perpetuities or is excluded by another statute of this State;

(8)        A property interestor arrangement subjected to a time limit under Article 14 of Chapter 36A,"Honorary Trusts; Trusts for Pets; Trusts for Cemetery Lots"; or

(9)        A property interestor arrangement subjected to a time limit under Article 3 of this Chapter,"Time Limits on Options in Gross and Certain Other Interests inLand". (1995, c. 190, ss. 1‑3.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_41 > GS_41-18

§41‑18.  Exclusions from statutory rule against perpetuities.

G.S. 41‑15 does notapply to:

(1)        A nonvested propertyinterest or a power of appointment arising out of a nondonative transfer,except a nonvested property interest or a power of appointment arising out of:

a.         A premarital orpostmarital agreement;

b.         A separation ordivorce settlement;

c.         A spouse's election;

d.         A similararrangement arising out of a prospective, existing, or previous maritalrelationship between the parties;

e.         A contract to makeor not to revoke a will or trust;

f.          A contract toexercise or not to exercise a power of appointment;

g.         A transfer insatisfaction of a duty of support; or

h.         A reciprocaltransfer;

(2)        A fiduciary's powerrelating to the administration or management of assets, including the power ofa fiduciary to sell, lease, or mortgage property, and the power of a fiduciaryto determine principal and income;

(3)        A power to appoint afiduciary;

(4)        A discretionarypower of a trustee to distribute principal before termination of a trust to abeneficiary having an indefeasibly vested interest in the income and principal;

(5)        A nonvested propertyinterest held by a charity, government, or governmental agency or subdivision,if the nonvested property interest is preceded by an interest held by anothercharity, government, or governmental agency or subdivision;

(6)        A nonvested propertyinterest in or a power of appointment with respect to a trust or other propertyarrangement forming part of a pension, profit‑sharing, stock bonus,health, disability, death benefit, income deferral, or other current ordeferred benefit plan for one or more employees, independent contractors, ortheir beneficiaries or spouses, to which contributions are made for the purposeof distributing to or for the benefit of the participants or theirbeneficiaries or spouses the property, income, or principal in the trust orother property arrangement, except a nonvested property interest or a power ofappointment that is created by an election of a participant or a beneficiary orspouse;

(7)        A property interest,power of appointment, or arrangement that was not subject to the common‑lawrule against perpetuities or is excluded by another statute of this State;

(8)        A property interestor arrangement subjected to a time limit under Article 14 of Chapter 36A,"Honorary Trusts; Trusts for Pets; Trusts for Cemetery Lots"; or

(9)        A property interestor arrangement subjected to a time limit under Article 3 of this Chapter,"Time Limits on Options in Gross and Certain Other Interests inLand". (1995, c. 190, ss. 1‑3.)

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