[§525-1] Statutory rule against perpetuities. (a) A nonvested property interest is invalid unless:
(b) A general power of appointment not presently exercisable because of a condition precedent is invalid unless:
(c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:
(d) In determining whether a nonvested property interest or a power of appointment is valid under subsection (a)(1), (b)(1), or (c)(1), the possibility that a child will be born to an individual after the individual's death is disregarded.
(e) If, in measuring a period from the creation of a trust or other property arrangement, language in a governing instrument either seeks to disallow the vesting or termination of any interest or trust beyond, seeks to postpone the vesting or termination of any interest or trust until, or seeks to operate in effect in any similar fashion upon, the later of:
that language is inoperative to the extent it produces a period of time that exceeds twenty-one years after the death of the survivor of the specified lives. [L 1992, c 262, pt of §2]