Senate Amendment 3277


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
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     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
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