VA SB470 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 20 2024 - 100% progression
Action: 2024-03-20 - Governor: Acts of Assembly Chapter text (CHAP0123)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 20 2024 - 100% progression
Action: 2024-03-20 - Governor: Acts of Assembly Chapter text (CHAP0123)
Text: Latest bill text (Chaptered) [HTML]
Summary
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.
Title
Uniform Statutory Rule Against Perpetuities; trusts, certain nonvested property interests.
Sponsors
Roll Calls
2024-02-21 - House - House: VOTE: Block Vote Passage (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-16 - House - House: Reported from Courts of Justice (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-07 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-07 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-06 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-05 - Senate - Senate: Reported from Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-16 - House - House: Reported from Courts of Justice (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-07 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-07 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-06 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-05 - Senate - Senate: Reported from Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-03-20 | Governor: Acts of Assembly Chapter text (CHAP0123) | |
| 2024-03-20 | Governor: Approved by Governor-Chapter 123 (effective 7/1/24) | |
| 2024-03-11 | Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024 | |
| 2024-03-11 | Senate | Enrolled Bill Communicated to Governor on March 11, 2024 |
| 2024-02-28 | Senate | Signed by President |
| 2024-02-26 | House | Signed by Speaker |
| 2024-02-26 | Senate | Bill text as passed Senate and House (SB470ER) |
| 2024-02-26 | Senate | Enrolled |
| 2024-02-21 | House | VOTE: Block Vote Passage (100-Y 0-N) |
| 2024-02-21 | House | Passed House BLOCK VOTE (100-Y 0-N) |
| 2024-02-21 | House | Read third time |
| 2024-02-20 | House | Read second time |
| 2024-02-16 | House | Reported from Courts of Justice (22-Y 0-N) |
| 2024-02-13 | House | Referred to Committee for Courts of Justice |
| 2024-02-13 | House | Read first time |
| 2024-02-13 | House | Placed on Calendar |
| 2024-02-07 | Senate | Passed Senate (40-Y 0-N) |
| 2024-02-07 | Senate | Constitutional reading dispensed (40-Y 0-N) |
| 2024-02-07 | Senate | Read second time and engrossed |
| 2024-02-06 | Senate | Constitutional reading dispensed (39-Y 0-N) |
| 2024-02-05 | Senate | Reported from Courts of Justice (15-Y 0-N) |
| 2024-01-09 | Senate | Referred to Committee for Courts of Justice |
| 2024-01-09 | Senate | Prefiled and ordered printed; offered 01/10/24 24102486D |
Same As/Similar To
HB836 (Similar To) 2024-03-08 - Governor: Acts of Assembly Chapter text (CHAP0052)
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 55 | 1 | 124 | (n/a) | See Bill Text |
| 55 | 1 | 125 | (n/a) | See Bill Text |
| 55 | 1 | 127 | (n/a) | See Bill Text |
| 55 | 1 | 128 | (n/a) | See Bill Text |
