SB 353 Summary

• Establishes the Rule Against Perpetuities Act, creating new statutory standards for nonvested property interests and powers of appointment in Oklahoma.

• Allows nonvested property interests to be valid if they vest within 21 years after a specified person's death, or alternatively within 500 years after creation.

• Provides for court reformation of dispositions that violate perpetuities rules to approximate the transferor's distribution plan while complying with the 500-year limit.

• Exempts certain trusts and property arrangements from perpetuities rules, including charitable interests, fiduciary powers, employee benefit plans, and nondonative transfers with specific exceptions.

• Amends Title 60 O.S. Section 172 to replace the 21-year trust duration requirement with compliance to the Rule Against Perpetuities Act, and repeals Section 175.47; effective November 1, 2013.