Section 34.27.051. Statutory rule against perpetuities.

   (a) A general or nongeneral power of appointment not presently exercisable because of a condition precedent is invalid unless, within a period of 1,000 years after its creation, either the power is irrevocably exercised or the power terminates. For purposes of this subsection, the period in which the power must be exercised or the power terminated is computed from the time of creation of the original power of appointment under which a subsequent general power of appointment not presently exercisable or a subsequent nongeneral power of appointment not presently exercisable was created.
   (b) If a nongeneral power of appointment is exercised to create a new presently exercisable general power of appointment, all property interests subject to that new presently exercisable general power of appointment are invalid unless, within 1,000 years after the creation of the new presently exercisable general power of appointment, the property interests that are subject to the new presently exercisable general power of appointment either vest or terminate.
   (c) If a nongeneral power of appointment is exercised to create a new or successive nongeneral power of appointment or a new or successive testamentary general power of appointment, all property interests subject to the exercise of that new or successive nongeneral or testamentary general power of appointment are invalid unless, within 1,000 years from the time of creation of the original instrument or conveyance creating the original nongeneral power of appointment that is exercised to create a new or successive nongeneral or testamentary general power of appointment, the property interests that are subject to the new or successive nongeneral or testamentary general power of appointment either vest or terminate.

Authorities

13.12.702;13.36.158;34.27.010;34.27.051;34.27.053;34.27.070;34.27.075

Notes

References

AS 13.12.702 Requirement of survival by 120 hours.
AS 13.36.158 Additional provisions relating to exercise of a power of appointment.
AS 34.27.010 Rules against perpetuities modified. [Repealed, Sec. 2 ch 82 SLA 1994. For comparable provisions, see AS 34.27.051 -
AS 34.27.010 Rules against perpetuities modified. [Repealed, Sec. 2 ch 82
AS 34.27.053 Savings provision.
AS 34.27.070 Application.
AS 34.27.075 Relationship to common law rule.

History

(Sec. 3 ch 17 SLA 2000; am Sec. 1, 2 ch 17 SLA 2001)

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