00                              HOUSE BILL NO. 34                                                                          
01 "An Act relating to the statutory rule against perpetuities, to nonvested property                                      
02 interests and trusts, and to the suspension of the power of alienation of property; and                                 
03 providing for an effective date."                                                                                       
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 34.27.051(b) is amended to read:                                                                  
06            (b)  If a nongeneral power of appointment is exercised to create a new                                       
07       presently exercisable general power of appointment, all property interests subject to                         
08       the exercise of that new presently exercisable general power of appointment are                               
09       invalid unless, within 1,000 years after the creation of the new presently exercisable                        
10       general power of appointment, the property interests that are subject to the presently                        
11       exercisable general power of appointment either vest or terminate.                                            
12    * Sec. 2.  AS 34.27.051(c) is amended to read:                                                                     
13            (c)  If a nongeneral power of appointment is exercised to create a new or                                    
14       successive nongeneral power of appointment or a new or successive testamentary                                
01       general power of appointment, all property interests subject to the exercise of that                          
02       new or successive nongeneral or testamentary general power of appointment are                                 
03       invalid unless, within 1,000 years from the time of creation of the original instrument                           
04       or conveyance creating the original nongeneral power of appointment that is exercised                             
05       to create a new or successive nongeneral or testamentary general power of                                     
06       appointment, the property interests that are subject to the nongeneral or testamentary                        
07       general power of appointment either vest or terminate.                                                        
08    * Sec. 3.  AS 34.27.100(a) is amended to read:                                                                     
09            (a)  A future interest or trust is void if, as to property subject to the future                             
10       interest or trust,                                                                                                
11                 (1)  the future interest or trust suspends the power of alienation of the                               
12       property, the suspension of the power is for a period of at least 30 years after the death                        
13       of an individual alive at the time of the creation of the future interest or trust, and the                       
14       suspension of the power of alienation occurs in the document creating the future                                  
15       interest or trust;                                                                                                
16                 (2)  the future interest or trust suspends the power of alienation of the                               
17       property and the suspension of the power is for a period of at least 30 years after the                       
18       death of an individual alive at the time of the creation of the future interest or                            
19       trust as computed from the time of the termination of a settlor's power to revoke                         
20       the trust;                                                                                                        
21                 (3)  the future interest or trust suspends the power of alienation of the                               
22       property, the future interest or trust is created by the exercise of a general power of                           
23       appointment, whether by will or otherwise, and the suspension of the power is for a                               
24       period of at least 30 years after the death of an individual alive at the time of the                         
25       creation of the future interest or trust as computed from the time the power of                               
26       appointment is exercised; or                                                                                      
27                 (4)  the future interest or trust suspends the power of alienation of the                               
28       property, the future interest or trust is created by the exercise of a power of                                   
29       appointment that is not a general power of appointment, and the suspension of the                                 
30       power is for a period of at least 30 years after the death of an individual alive at the                      
31       time of the creation of the future interest or trust as computed from the time of                             
01       creation of the original instrument or conveyance creating the original power of                                  
02       appointment that was exercised to create a new or successive nongeneral power of                                  
03       appointment.                                                                                                      
04    * Sec. 4.  The uncodified law of the State of Alaska is amended by adding a new section to                         
05 read:                                                                                                                   
06       RETROACTIVE EFFECT.  AS 34.27.051(b), 34.27.051(c), and 34.27.100(a), as                                          
07 amended by this Act, are retroactive to April 22, 2000, and apply to a trust instrument or                              
08 conveyance executed on or after that date upon the conditions set out in those subsections.                             
09    * Sec. 5.  This Act takes effect immediately under AS 01.10.070(c).