MI HB4619

Amends 2008 PA 148 regarding the rule against perpetuities for personal property held in trust by modifying sections 2, 3, and 4 (MCL 554.92, 554.93, and 554.94)

Clarifies that the "Delaware tax trap" provision applies to second powers of appointment created by exercise of first powers, unless the instrument explicitly declares the anti-Delaware-tax-trap provision does not apply or clearly indicates intent to trigger it

Defines key terms including "first power," "second power," "second-order fiduciary power," "fiduciary," and "nonfiduciary" to establish framework for when perpetuities rules apply to successive powers of appointment

Exempts interests in personal property held in trusts from rules against perpetuities, suspension of ownership, suspension of alienation, and income accumulation, except where second powers are involved

Applies only to nonvested interests in personal property held in trusts that are revocable on or created after May 28, 2008, and excludes "special appointee trusts" containing assets held in irrevocable trusts since September 25, 1985

Became effective immediately upon approval on July 19, 2022