Text: S03276                            Text: S03278
Text: S03200 - S03299                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 3277

Amendment Text

PAG LIN
  1  1    Amend House File 450, as passed by the House, as
  1  2 follows:
  1  3    #1.  By striking page 1, line 15, through page 2,
  1  4 line 2, and inserting the following:
  1  5    "1.  Notwithstanding section 558.68, no provision
  1  6 of an instrument creating a trust and no other
  1  7 disposition of property made pursuant to the exercise
  1  8 of a power of appointment granted in or created
  1  9 through such instrument is invalid under the rule
  1 10 against perpetuities, or any similar statute or common
  1 11 law, during the one hundred fifty years following the
  1 12 effective date of the instrument.  After such time,
  1 13 the provision or other disposition of property is
  1 14 deemed invalid unless the assets have previously been
  1 15 distributed or have previously become vested in the
  1 16 beneficiaries, including beneficiaries under a power
  1 17 of appointment.
  1 18    In the event the assets have not been distributed
  1 19 or have not become vested at the end of the one
  1 20 hundred fifty year period, the assets shall be
  1 21 distributed as the district court directs, and the
  1 22 court shall consider the express intent of the settlor
  1 23 of the trust or the person exercising the power of
  1 24 appointment."
  1 25    #2.  Page 2, line 3, by striking the figure "3."
  1 26 and inserting the following:  "2."
  1 27    #3.  By renumbering as necessary.  
  1 28 
  1 29 
  1 30                               
  1 31 LARRY McKIBBEN 
  1 32 NANCY BOETTGER
  1 33 HERMAN C. QUIRMBACH
  1 34 JEFF LAMBERTI
  1 35 DONALD B. REDFERN
  1 36 HF 450.201 80
  1 37 rh/sh
     

Text: S03276                            Text: S03278
Text: S03200 - S03299                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

© 2003 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Wed Apr 23 02:30:48 CDT 2003
URL: /DOCS/GA/80GA/Legislation/S/03200/S03277/030422.html
jhf