Nevada Revised Statutes 111.1031 – Statutory rule against perpetuities
1. A nonvested property interest is invalid unless:
Terms Used In Nevada Revised Statutes 111.1031
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(a) When the interest is created, it is certain to vest or terminate no later than 21 years after the death of a natural person then alive; or
(b) The interest either vests or terminates within 365 years after its creation.
2. A general power of appointment not presently exercisable because of a condition precedent is invalid unless:
(a) When the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy no later than 21 years after the death of a natural person then alive; or
(b) The condition precedent either is satisfied or becomes impossible to satisfy within 365 years after its creation.
3. A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:
(a) When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than 21 years after the death of a natural person then alive; or
(b) The power is irrevocably exercised or otherwise terminates within 365 years after its creation.
4. In determining whether a nonvested property interest or a power of appointment is valid under paragraph (a) of subsection 1, paragraph (a) of subsection 2 or paragraph (a) of subsection 3, the possibility that a child will be born to a person after his or her death is disregarded.