Bill Text: MS SB2654 | 2013 | Regular Session | Introduced

Mississippi Senate Bill 2654 (Prior Session Legislation)

Introduced

Bill Title: Rule against perpetuities; abolish.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-02-05 - Died In Committee [SB2654 Detail]

Download: Mississippi-2013-SB2654-Introduced.html

MISSISSIPPI LEGISLATURE

2013 Regular Session

To: Judiciary, Division A

By: Senator(s) Gollott

Senate Bill 2654

AN ACT TO ABOLISH THE RULE AGAINST PERPETUITIES AS IT RELATES TO TRUSTS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. A trust of real or personal property, or real and personal property combined, without regard to the date the trust was created, shall not be deemed to be invalid as violating any laws against perpetuities, restraints on alienation, suspension of the power of alienation, or the accumulation of income; but such a trust may continue for such time as may be necessary to accomplish the purpose for which it was created.

SECTION 2. This act shall take effect and be in force from and after July 1, 2013.