SB 1315 Summary

• Creates the Oklahoma Uniform Statutory Rule Against Perpetuities Act establishing validity requirements for nonvested property interests and powers of appointment with a 500-year allowable period or 21 years after death of a specified individual.

• Amends 60 O.S. 2011, Section 172 to modify express trust duration limits, replacing previous language with reference to new statutory provisions governing when property interests and powers of appointment are valid.

• Allows court reformation of dispositions that violate the rule to most closely approximate the transferor's distribution plan within allowable perpetuities periods.

• Exempts certain property arrangements from the rule including nondonative transfers, fiduciary administrative powers, charitable gifts, and employer-sponsored benefit plans.

• Repeals 60 O.S. 2011, Section 175.47 regarding suspension of absolute power of alienation; effective November 1, 2012.