Perpetuities waiver; exclusions from statutory rule, nondonative transfers. (SB756)

Introduced By

Sen. John Edwards (D-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Rule against perpetuities waiver. Corrects errors in the rule allowing a settlor of a trust to opt out of the Uniform Statutory Rule Against Perpetuities. First, under current law, the opt-out rule is part of a Code section that applies to nondonative transfers. Moving the opt-out rule to the Code section for exclusions to the Uniform Rule makes it clear that the opt-out rule applies to donative transfers. Second, the bill clarifies that an interest in a corporation, partnership, limited liability company, business trust, or similar entity that invests in real estate is not an interest in real property. Third, the bill clarifies that those portions of a trust that consist of personal property remain exempt from the Uniform Rule if there is an opt-out provision in the trust, even if the trustee acquires a real property interest. The bill is declarative of existing law. Amends § 55-12.4, § 55-13.3, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/17/2012Prefiled and ordered printed; offered 01/09/13 13101675D
12/17/2012Referred to Committee for Courts of Justice
01/14/2013Reported from Courts of Justice (14-Y 0-N 1-A) (see vote tally)
01/15/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/16/2013Read second time and engrossed
01/17/2013Passed by for the day
01/18/2013Passed by for the day
01/21/2013Read third time and passed Senate (27-Y 12-N) (see vote tally)
01/25/2013Placed on Calendar
01/25/2013Read first time
01/25/2013Referred to Committee for Courts of Justice
02/08/2013Assigned Courts sub: #2 Civil
02/11/2013Subcommittee recommends reporting with amendment(s) (6-Y 1-N)
02/18/2013Reported from Courts of Justice with substitute (16-Y 2-N) (see vote tally)
02/18/2013Committee substitute printed 13105117D-H1
02/19/2013Read second time
02/20/2013Read third time
02/20/2013Committee substitute agreed to 13105117D-H1
02/20/2013Engrossed by House - committee substitute SB756H1
02/20/2013Passed House with substitute (94-Y 2-N)
02/20/2013VOTE: PASSAGE (94-Y 2-N) (see vote tally)
02/21/2013House substitute agreed to by Senate (36-Y 4-N) (see vote tally)
02/21/2013Title replaced 13105117D-H1
02/23/2013Enrolled
02/23/2013Bill text as passed Senate and House (SB756ER)
02/23/2013Signed by President
02/23/2013Signed by Speaker
03/13/2013G Approved by Governor-Chapter 323 (effective 7/1/13)
03/13/2013G Acts of Assembly Chapter text (CHAP0323)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 7 minutes.