The House Judiciary Committee heard HB 1209 on rule against perpetuities authored by Rep. Heine. The bill adds provisions regarding a second power of appointment and extends the period of time for which certain nonvested property interests are valid from 90 years to 360 years after the interest is created. The bill further extends the period of time for which certain powers of appointment are valid under specified conditions from 90 years to 360 years and makes conforming changes.
The bill was amended by consent to add provisions regarding a second power of appointment for trusts and to substitute a duration of 360 years for 90 years for certain trusts in certain instances. The Probate, Trust and Real Property Section of the Indiana State Bar Association testified in support of the bill. The Indiana Bankers Association offered neutral testimony regarding the bill. The amended bill passed 9-0.
Read the bill at: https://iga.in.gov/legislative/2024/bills/house/1209