MI HB4864

Replace "shall" with "must" throughout sections 3 and 5 for consistency with modern statutory language.

Clarify that a nonvested property interest or power of appointment arising from a transfer to a previously funded trust is created when the original contribution was created, except as provided in section 5(2).

Expand section 5(2) to apply the rule against perpetuities to interests or powers created by the exercise of a second power under the personal property trust perpetuities act (2008 PA 148).

Change the perpetuities measurement period from 90 years to 360 years when section 2 applies to the exercise of a second power.

Make the bill effective only if House Bill No. 4863 of the 102nd Legislature is enacted into law.