Title EPT, Estates, Powers & Trusts

§ 8-1.1 Disposition of property for charitable purposes (a) No disposition of property for religious, charitable, educational or benevolent purposes, otherwise valid under the laws of this state, is invalid by reason of the indefiniteness or uncertainty of the persons designated …

§ 8-1.2 Certain charitable trusts authorized (a) Property may be disposed of to any incorporated educational or literary institution in this state, to be held in trust for any one or more of the following purposes: (1) To establish and maintain an observatory; (2) To found and ma…

§ 8-1.3 Certain charitable trusts regulated (a) Any person desiring in his lifetime to promote the public welfare by founding, endowing and maintaining, within this state, a public library, museum or other educational institution, a chapel, crematory or a board of trade or chambe…

§ 8-1.4 Supervision of trustees for charitable purposes (a) For the purposes of this section, "trustee" means (1) any individual, group of individuals, executor, trustee, corporation or other legal entity holding and administering property for charitable purposes, whether pursuan…

§ 8-1.5 Trusts for cemetery purposes Dispositions of property in trust for the purpose of the perpetual care, maintenance, improvement or embellishment of cemeteries or private burial lots in cemeteries, and the roadways, lawns, hedges, walks, fences, monuments, structures and to…

§ 8-1.6 Deposit of money in trust by owner of lots in private unincorporated cemetery The owner of lots in any private unincorporated cemetery may deposit in trust for the care of such lots a sum not exceeding four hundred dollars for each lot so owned with any bank or banking in…

§ 8-1.7 Authority of trustee to accumulate income (a) Where property has been transferred in trust for any religious, charitable, educational or benevolent purpose, or acquired by the trustee of a trust for such purpose, the trustee is authorized in his discretion, notwithstandin…

§ 8-1.8 Private foundations: administration of certain trusts as defined in the United States internal revenue code of 1954 (a) For purposes of this section, a "trust" means a private foundation as defined in section 509 of the United States Internal Revenue Code of 1986 ("code")…

§ 8-1.9 Trust governance (a) For purposes of this section: (1) A "trust" means a trust created solely for charitable purposes, or a trust that continues solely for such purposes after all non-charitable interests have terminated. (2) "Charitable purpose" means any religious, char…

§ 9-1.1 Rule against perpetuities (a) (1) The absolute power of alienation is suspended when there are no persons in being by whom an absolute fee or estate in possession can be conveyed or transferred. (2) Every present or future estate shall be void in its creation which shall …

§ 9-1.2 Reduction of age contingency Where an estate would, except for this section, be invalid because made to depend, for its vesting or its duration, upon any person attaining or failing to attain an age in excess of twenty-one years, the age contingency shall be reduced to tw…

§ 9-1.3 Rules of construction (a) Unless a contrary intention appears, the rules of construction provided in this section govern with respect to any matter affecting the rule against perpetuities. (b) It shall be presumed that the creator intended the estate to be valid. (c) Wher…

§ 9-1.4 Acquisition of real property by foreign trust Where real property situated in this state is acquired by a trust validly created under the law of another jurisdiction, whether there is a violation of the rule against perpetuities and whether a direction for the accumulatio…

§ 9-1.5 Trust with transferable certificates A trust with transferable certificates, heretofore or hereafter created, is not invalid as violating the rule against perpetuities; but such trust may continue for such time as may be necessary to accomplish the purposes for which it i…

§ 9-1.6 Trust for employees A trust created by an employer, as part of a stock bonus, pension, disability or death benefit or profit-sharing plan, for the exclusive benefit of some or all of his employees, to which contributions are made by such employer or employees, or both, fo…

§ 9-1.7 Trust for self-employed individuals and others No trust created under a retirement plan, which is exempt from federal income taxation under the laws of the United States, is invalid as violating the rule against perpetuities or the rules governing the accumulation of inco…

§ 9-1.8 Trust created by national securities exchange to assist customers of members, member firms or member corporations (a) A trust created by a national securities exchange for the purpose of enabling the trustees, in their discretion, to provide direct or indirect assistance …

§ 9-2.1 Rules governing accumulations (a) All directions for the accumulation of income are void unless authorized by statute. (b) A direction for the accumulation of income is valid if such accumulation is to begin and terminate within the time allowed by the rule against perpet…

§ 9-2.2 Anticipation of directed accumulation (a) When a valid accumulation is directed for the benefit of a person without other sufficient means to support or educate himself, the supreme court or, if such accumulation was directed by will, the surrogate's court of the county i…

§ 9-2.3 Undistributed income When income is not disposed of and no valid direction is given for its accumulation it passes to the persons presumptively entitled to the next eventual estate.