House File 609 H-8418 Amend the Senate amendment, H-8388, to House File 1 609, as passed by the House, as follows: 2 1. Page 1, after line 4 by inserting: 3 < ___. Page 1, after line 4 by inserting: 4 < Sec. ___. Section 557.7, Code 2011, is amended to 5 read as follows: 6 557.7 Contingent remainders. 7 A Except as provided in section 558.68A, a 8 contingent remainder shall take effect, notwithstanding 9 any determination of the particular estate, in the same 10 manner in which it would have taken effect if it had 11 been an executory devise or a springing or shifting 12 use, and shall, as well as such limitations, be subject 13 to the rule respecting remoteness known as the rule 14 against perpetuities , exclusive of any other supposed 15 rule respecting limitations to successive generations 16 or double possibilities . 17 Sec. ___. NEW SECTION . 558.68A Exception to rule 18 against perpetuities. 19 1. Notwithstanding section 558.68, a rule of 20 law against perpetuities, a suspension of the power 21 of alienation of the title to property, or a law 22 restricting or limiting the duration of trusts shall 23 not apply with respect to any interest in real or 24 personal property held in trust if the instrument 25 creating the trust specifically states that such rule 26 or the provisions of section 558.68 shall not apply 27 to the trust and if either the trustee of the trust 28 has unlimited power to sell all trust assets or if one 29 or more persons, one of whom may be the trustee, has 30 unlimited power to terminate the entire trust. 31 2. A trust of real or personal property created 32 by an employer as part of a stock bonus plan, pension 33 plan, disability or death benefit plan, or profit 34 sharing plan, for the benefit of some or all the 35 employer’s employees, to which contributions are made 36 by the employer or employees, or both, for the purposes 37 of distributing to the employees or their beneficiaries 38 the earnings or the principal, or both, of such 39 trust is not invalid as violating the rule against 40 perpetuities or any other law restricting or limiting 41 the duration of trusts; but the trust may continue for 42 the time that is necessary to accomplish the purposes 43 for which it was created. 44 3. Subsection 1 shall be effective for interests 45 in real or personal property in trust created by an 46 inter vivos or testamentary trust or will executed on 47 or after July 1, 2012, or pursuant to the exercise of 48 a general power of appointment created on or after 49 July 1, 2012. For the purposes of this subsection, 50 -1- H8388.5624 (3) 84 rh/rj 1/ 2 #1.