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Martin O'Malley, Governor
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Ch. 381
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7. A TRANSFER IN SATISFACTION OF A DUTY OF
SUPPORT; OR
8. A RECIPROCAL TRANSFER.
(B) THE COMMON-LAW RULE AGAINST PERPETUITIES AS NOW
RECOGNIZED IN THE STATE DOES NOT APPLY TO A NONDONATIVE PROPERTY
INTEREST THAT BECOMES EFFECTIVE ON OR AFTER OCTOBER 1, 2007.
(C) (1) FOR THE PURPOSES OF THIS SECTION, A NONDONATIVE
PROPERTY INTEREST BECOMES EFFECTIVE AS OF THE DATE OF DELIVERY OF
THE PROPERTY INTEREST.
(2) THE DATE OF DELIVERY IS PRESUMED TO BE THE LATER OF:
(I) THE DATE OF THE LAST ACKNOWLEDGMENT OF THE
NONDONATIVE PROPERTY INTEREST, IF ANY; OR
(II) THE DATE STATED ON IN THE DOCUMENT CREATING
THE NONDONATIVE PROPERTY INTEREST.
(D) (1) A NONDONATIVE PROPERTY INTEREST THAT BECOMES
EFFECTIVE ON OR AFTER OCTOBER 1, 2007, SHALL BE VOID UNLESS THE
NONDONATIVE PROPERTY INTEREST:
(I) IS NOT SUBJECT TO THE RULE AGAINST PERPETUITIES
UNDER § 11-102 OF THIS SUBTITLE: OR
(II) IS EXERCISED OR VESTED WITHIN THE APPLICABLE
PERIOD OF TIME SET FORTH IN PARAGRAPH (2), (3), OR (4) OF THIS
SUBSECTION.
(2) A DOCUMENT CREATING A NONDONATIVE PROPERTY
INTEREST THAT DOES NOT STATE A DATE OR MAKE REFERENCE TO LIVES IN
BEING BY WHICH THE PROPERTY INTEREST MUST BE EXERCISED OR VESTED
SHALL BE VOID UNLESS EXERCISED OR VESTED WITHIN 7 YEARS OF THE
EFFECTIVE DATE OF THE PROPERTY INTEREST.
(3) A DOCUMENT CREATING A NONDONATIVE PROPERTY
INTEREST THAT EITHER EXPRESSLY STATES A DATE BY WHICH THE PROPERTY
INTEREST SHALL BE EXERCISED OR VESTED OR ONE FROM WHICH THE DATE
MAY BE DETERMINED SHALL BE VOID ON THE EARLIER OF THE EXPRESSED OR
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- 2363 -
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