The Senate Judiciary Committee heard HB 1209 on rule against perpetuities authored by Rep. Heine and sponsored by Sen. L. Brown and Sen. Johnson. The bill adds provisions regarding a second power of appointment, extends the period of time for which certain nonvested property interests are valid from 90 years to 360 years after the interest is created, and extends the period of time for which certain powers of appointment are valid under specified conditions from 90 years to 360 years. The bill also makes conforming changes.
The Indiana State Bar Association’s Probate, Trust, and Real Property Section testified in favor of the bill and the Indiana Bankers Association provided neutral testimony. The bill passed 6-5.
Read the bill at: https://iga.in.gov/legislative/2024/bills/house/1209