CHAPTER 164
FORMERLY
HOUSE BILL NO. 245
AS AMENDED BY
HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 5, TITLE 25, DELAWARE CODE, RELATING TO THE RULE AGAINST PERPETUITIES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 503(a), Chapter 5, Title 25, Delaware Code, by adding before the period (".") at the end of said subsection and adding in lieu thereof the following language:
", and no interest created in personal property held in trust shall be void by reason of the rule against perpetuities established in subsection (b) of this section".
Section 2. Amend the first sentence of § 503(b), Chapter 5, Title 25, Delaware Code, by adding the word "real" following the word "for" and before the word "property" therein.
Section 3. Amend the first sentence of § 503(c), Chapter 5, Title 25, Delaware Code, by adding the phrase "as to its real estate assets" following the word "trust" where it first appears therein and before the word "as" and by adding the phrase "consisting of real property" following the word "assets" and before the word "shall"; amend the second sentence of § 503(c), Chapter 5, Title 25, Delaware Code, by adding the phrase "then distributable" following the word "assets" and before the word "shall" and by deleting the phrase "or personal" following the word "real" and before the word "property"; and amend §503(c), Chapter 5, Title 25, Delaware Code, by adding a new sentence at the end thereof as follows:
"The termination of a trust pursuant to subsection (b) of this section as to its assets consisting of real property shall not result in the termination of the trust as to any personal property then held in trust"
Section 4. This Act shall apply to trust instruments becoming irrevocable on or afier enactment of this Act.
Approved July 7, 1995