2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 1 - Creation and Limitation of Estates; Their Qualities (55-1 thru 55-25.1)
55-13.3 - Application of the rule against perpetuities to nondonative transfers.
§ 55-13.3. Application of the rule against perpetuities to nondonative transfers.
A. Except for the transactions set forth in § 55-12.4, which are governed by the provisions of §§ 55-12.1 through 55-12.6, a nondonative transfer of an interest in property fails, if the interest does not vest, if it ever vests, within the period of the common law rule against perpetuities.
B. The provisions of this section (i) in force on June 30, 2000, shall apply to all donative interests created on or after July 1, 1982, and before July 1, 2000, and (ii) in force on July 1, 2000, shall apply to all nondonative interests created on or after July 1, 1982.
C. The rule against perpetuities shall not apply to any trust or any interest created in personal property held in such trust, or to any power of appointment over personal property held in such trust, or to any power of appointment over personal property granted under such trust, when the trust instrument, by its terms, provides that the rule against perpetuities shall not apply to such trust.
(1982, c. 249; 2000, cc. 658, 714.)
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