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

Introduced By

Sen. John Edwards (D-Roanoke)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Passed


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
02/23/2013Bill 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)


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.