Scroll to History Page
Scroll to Previous Versions Links List
Scroll to Full Text
Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.4496 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020115 Primary Sponsor:Campsen All Sponsors:Campsen Drafted Document Number:l:\council\bills\skb\18188som01.doc Residing Body:House Current Committee:Judiciary Committee 25 HJ Subject:Uniform Statutory Rule Against Perpetuities, language added making a nontraditional clause a traditional perpetuity saving clause History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020115 Introduced, read first time, 25 HJ referred to Committee Versions of This Bill
TO AMEND SECTION 27-6-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE UNIFORM STATUTORY RULE AGAINST PERPETUITIES, SO AS TO ADD LANGUAGE TO THE UNIFORM ACT WHICH LIMITS THE EFFECT OF CERTAIN NONTRADITIONAL CLAUSES IN TRUSTS OR OTHER GOVERNING INSTRUMENTS TO TWENTY-ONE YEARS AFTER THE DEATH OF THE SURVIVOR OF THE SPECIFIED LIVES, THUS MAKING THE CLAUSE A TRADITIONAL PERPETUITY SAVING CLAUSE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 27-6-20 of the 1976 Code is amended by adding:
"(E) If, in measuring a period from the creation of a trust or other property arrangement, language in a governing instrument (i) seeks to disallow the vesting or termination of any interest or trust beyond, (ii) seeks to postpone the vesting or termination of any interest or trust until, or (iii) seeks to operate in effect in any similar fashion upon, the later of (a) the expiration of a period of time not exceeding twenty-one years after the death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (b) the expiration of a period of time that exceeds or might exceed twenty-one years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds twenty-one years after the death of the survivor of the specified lives."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Tuesday, December 8, 2009 at 11:35 A.M.