§525-4 - Exclusions from statutory rule against perpetuities.
[§525-4] Exclusions from statutory rule against perpetuities. Section 525-1 shall not apply to:
(1) A fiduciary's power to sell, lease, or mortgage property, and the power of a fiduciary to determine principal and income;
(2) A discretionary power of a trustee to distribute principal before termination of a trust;
(3) A nonvested property interest held by a charity, government, or governmental agency or subdivision, if the nonvested property interest is preceded by an interest held by another charity, government, or governmental agency or subdivision;
(4) A property interest in or a power of appointment with respect to a pension, profit-sharing, stock bonus, health, disability, death benefit, income deferral, or other current or deferred benefit plan for one or more employees, independent contractors, or their beneficiaries or spouses; or
(5) A property interest, power of appointment, or arrangement that was not subject to the common-law rule against perpetuities or is excluded by any other applicable law. [L 1992, c 262, pt of §2]