§ 11-102.1. Nondonative property interests
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2007
Effective: October 1, 2007
MD Code, Estates and Trusts, § 11-102.1
§ 11-102.1. Nondonative property interests
(4)(i) “Property interest” means a contract, lease, option, right of first offer, right of first refusal, right of first negotiation, or similar preemptive right relating to a right to the use, possession, transfer, or ownership of real or personal property or an interest in or appurtenant to real or personal property.
(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.
(d)(1) A nondonative property interest that becomes effective on or after October 1, 2007, shall be void unless the nondonative 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 determined date or 60 years after the effective date of the property interest.
Credits
Added by Acts 2007, c. 381, § 1, eff. Oct. 1, 2007.
MD Code, Estates and Trusts, § 11-102.1, MD EST & TRST § 11-102.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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