Staff Analysis of the Legislation
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HB 122 amends Article 9 of Chapter 6 of Title 44 of the OCGA
by changing the validity of nonvested property interest or power of appointment
if the interest either vests or terminates, is satisfied or becomes impossible
to satisfy, or the power is irrevocably exercised or otherwise terminates
within 360 years after creation beginning on after July 1, 2017. If such a
nonvested property interest or power of appointment violates a state rule
before July 1, 2017 a court petition of an interested party may exercise its
equitable power to reform within the limits of the rules. |
