Prospective application. (a) Except as extended by subsection (b) of this section, this chapter applies to a nonvested property interest or a power of appointment that is created on or after the effective date of this chapter [April 27, 2001]. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when the power is irrevocably exercised or when a revocable exercise becomes irrevocable. (b) If a nonvested property interest or a power of appointment was created before the effective date of this chapter [April 27, 2001] and is determined in a judicial proceeding, commenced on or after the effective date of this chapter [April 27, 2001], to violate the District of Columbia’s rule against perpetuities as that rule existed before the effective date of this chapter [April 27, 2001], a court, upon the petition of an interested person, may reform the disposition in the manner that most closely approximates the transferor’s manifested plan of distribution and is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was ely approximates the transferor’s manifested plan of distribution and is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created. (Apr. 27, 2001, D.C. Law 13-292, § 402(b), 48 DCR 2087.) Section References This section is referenced in § 19-902. Editor's Notes Uniform Law: This section is based upon § 5 of the Uniform Statutory Rule Against Perpetuities Act.
District of Columbia Legal Code