Text: HSB00565                          Text: HSB00567
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 566

Bill Text

PAG LIN
  1  1    Section 1.  Section 557.7, Code 1999, is amended to read as
  1  2 follows:
  1  3    557.7  CONTINGENT REMAINDERS.
  1  4    A contingent remainder shall take effect, notwithstanding
  1  5 any determination of the particular estate, in the same manner
  1  6 in which it would have taken effect if it had been an
  1  7 executory devise or a springing or shifting use, and shall, as
  1  8 well as such limitations, be subject to the rule respecting
  1  9 remoteness known as the rule against perpetuities, exclusive
  1 10 of any other supposed rule respecting limitations to
  1 11 successive generations or double possibilities.
  1 12    Sec. 2.  Section 558.68, Code 1999, is amended by striking
  1 13 the section and inserting in lieu thereof the following:
  1 14    558.68  PERPETUITIES.
  1 15    1.  As of July 1, 2000, there shall be no rule against
  1 16 perpetuities or remoteness of vesting.
  1 17    2.  This section is applicable to all interests in
  1 18 existence or created after July 1, 2000.  
  1 19                           EXPLANATION 
  1 20    This bill amends the Code sections pertaining to the rule
  1 21 against perpetuities and to contingent remainders.
  1 22    The bill amends Code section 557.7 to provide that the rule
  1 23 against perpetuities shall not apply to contingent remainders.
  1 24    The bill amends Code section 558.68 to provide that after
  1 25 July 1, 2000, there shall be no rule against perpetuities or
  1 26 remoteness of vesting.  
  1 27 LSB 5998YC 78
  1 28 jj/gg/8
     
Text: HSB00565                          Text: HSB00567
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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