By Mr. Loscocco of Holliston, petition (accompanied by bill, House, No. 1584) of Paul J. P. Loscocco relative to the statutory rule against perpetuities.  The Judiciary.

The Commonwealth of Massachusetts

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PETITION OF:

Paul J. P. Loscocco

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In the Year Two Thousand and Seven.

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An Act relative to the statutory rule against perpetuities.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Section 1 of chapter 184A of the General Laws is hereby amended by adding the following subsection (e):—
(e) If, in measuring a period from the creation of a trust or other property arrangement, language in a governing instrument (i) seeks to disallow the vesting or termination of any interest or trust beyond, (ii) seeks to postpone the vesting or termination of any interest or trust until, or (iii) seeks to operate in effect in any similar fashion upon, the later of (A) the expiration of a period of time not exceeding 21 years after the death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (B) the expiration of a period of time that exceeds or might exceed 21 years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds 21 years after the death of the survivor of the specified lives.