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Bill 4496

                    Current Status

Bill Number:                      4496
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020115
Primary Sponsor:                  Campsen
All Sponsors:                     Campsen
Drafted Document Number:          l:\council\bills\skb\18188som01.doc
Residing Body:                    House
Current Committee:                Judiciary Committee 25 HJ
Subject:                          Uniform Statutory Rule Against 
                                  Perpetuities, language added making a 
                                  nontraditional clause a traditional perpetuity 
                                  saving clause


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020115  Introduced, read first time,           25 HJ
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 27-6-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE UNIFORM STATUTORY RULE AGAINST PERPETUITIES, SO AS TO ADD LANGUAGE TO THE UNIFORM ACT WHICH LIMITS THE EFFECT OF CERTAIN NONTRADITIONAL CLAUSES IN TRUSTS OR OTHER GOVERNING INSTRUMENTS TO TWENTY-ONE YEARS AFTER THE DEATH OF THE SURVIVOR OF THE SPECIFIED LIVES, THUS MAKING THE CLAUSE A TRADITIONAL PERPETUITY SAVING CLAUSE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.        Section 27-6-20 of the 1976 Code is amended by adding:

    "(E)        If, in measuring a period from the creation of a trust or other property arrangement, language in a governing instrument (i) seeks to disallow the vesting or termination of any interest or trust beyond, (ii) seeks to postpone the vesting or termination of any interest or trust until, or (iii) seeks to operate in effect in any similar fashion upon, the later of (a) the expiration of a period of time not exceeding twenty-one years after the death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (b) the expiration of a period of time that exceeds or might exceed twenty-one years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds twenty-one years after the death of the survivor of the specified lives."

SECTION    2.    This act takes effect upon approval by the Governor.

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