MS HB153

Establishes the "Mississippi Uniform Statutory Rule Against Perpetuities" to replace the common law rule against perpetuities effective July 1, 2015.

A nonvested property interest is invalid unless it is certain to vest or terminate within 21 years after the death of an individual alive when created, or vests/terminates within 90 years of creation.

A general power of appointment not presently exercisable and nongeneral powers are invalid unless the condition precedent is satisfied or becomes impossible within 21 years after death of a living individual, or within 90 years of creation.

Allows courts to reform dispositions that violate the rule to approximate the transferor's intent while staying within 90-year or 360-year limits depending on the type of property interest.

Excludes from the rule nondonative transfers (with exceptions for marital agreements and support duties), fiduciary powers, charitable interests, employee benefit plans, and certain trusts governed by Mississippi law that do not exceed 360 years for personal property or 110 years for real property.