MI SB0979

Amends 2008 PA 148 to modify rules governing personal property held in trust and exemptions from the rule against perpetuities.

Defines "first power" as a nonfiduciary, nongeneral power of appointment that creates or subjects property to another power of appointment.

Defines "second power" as a power of appointment created by exercise of a first power or second-order fiduciary power, excluding presently exercisable general powers.

Exempts interests in and powers of appointment over personal property held in trust from rules against perpetuities, suspension of ownership, suspension of alienation, and accumulation of income.

Limits the exemption for second powers by requiring them to satisfy the uniform statutory rule against perpetuities, measured from the time the original power of appointment was created.