MI HB4034

Amends Michigan's Uniform Statutory Rule Against Perpetuities to clarify that nonvested property interests or powers of appointment arising from transfers to previously funded trusts are created when the original contribution was made, except for interests subject to the Personal Property Trust Perpetuities Act

Applies the standard rule against perpetuities (Section 2) to interests or powers created by exercising a "second power" under the Personal Property Trust Perpetuities Act, using a 360-year period instead of the standard 90-year period

Updates date references from "the effective date of this act" to the specific date of December 26, 1988 for determining when the act applies to nonvested property interests and powers of appointment

Allows courts to reform dispositions created before December 27, 1988 that violate the pre-existing rule against perpetuities, approximating the transferor's intended distribution plan

Contains a tie bar with HB 4033'25, meaning both bills must be enacted together to take effect