SB 470

  • Virginia Senate Bill
  • 2024 Regular Session
  • Introduced in Senate Jan 09, 2024
  • Passed Senate Feb 07, 2024
  • Passed House Feb 21, 2024
  • Signed by Governor Mar 20, 2024

Uniform Statutory Rule Against Perpetuities; trusts, certain nonvested property interests.

Abstract

Uniform Statutory Rule Against Perpetuities; trusts; certain nonvested property interests or powers of appointment over property or property interests. Extends from 90 years to 1,000 years the period for which a nonvested property interest held in trust may vest or terminate, or for which a power of appointment over property or property interests may be exercised. The bill clarifies that such extension applies only to such interests or powers that were created on or after July 1, 2024, and that such extension does not apply to real property held in trust or a power of appointment over real property granted under a trust. The bill also provides that the current law that allows the terms of a trust instrument to provide an exception to the Uniform Statutory Rule Against Perpetuities shall apply only to a nonvested interest in or power of appointment over personal property held in trust, or a power of appointment over personal property granted under a trust, if such interest or power was created between July 1, 2000, and June 30, 2024, but shall not apply to such interests or powers created on or after July 1, 2024. This bill is identical to HB 836.

Bill Sponsors (1)

Votes


Actions


Mar 20, 2024

Office of the Governor

Acts of Assembly Chapter text (CHAP0123)

Office of the Governor

Approved by Governor-Chapter 123 (effective 7/1/24)

Mar 11, 2024

Office of the Governor

Governor's Action Deadline 11:59 p.m., April 8, 2024

Senate

Enrolled Bill Communicated to Governor on March 11, 2024

Feb 28, 2024

Senate

Signed by President

Feb 26, 2024

Senate

Bill text as passed Senate and House (SB470ER)

House

Signed by Speaker

Senate

Enrolled

Feb 21, 2024

House

Passed House BLOCK VOTE (100-Y 0-N)

House

VOTE: Block Vote Passage (100-Y 0-N)

House

Read third time

Feb 20, 2024

House

Read second time

Feb 16, 2024

House

Reported from Courts of Justice (22-Y 0-N)

Feb 13, 2024

House

Referred to Committee for Courts of Justice

House

Read first time

House

Placed on Calendar

Feb 07, 2024

Senate

Constitutional reading dispensed (40-Y 0-N)

Senate

Passed Senate (40-Y 0-N)

Senate

Read second time and engrossed

Feb 06, 2024

Senate

Constitutional reading dispensed (39-Y 0-N)

Feb 05, 2024

Senate

Reported from Courts of Justice (15-Y 0-N)

Jan 09, 2024

Senate

Referred to Committee for Courts of Justice

Senate

Prefiled and ordered printed; offered 01/10/24 24102486D

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/10/24 24102486D PDF HTML
SB470ER PDF HTML
CHAP0123 PDF HTML

Related Documents

Document Format
No related documents.

Sources

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