Title EPT, Estates, Powers & Trusts

§ 8-1.1 Disposition of property for charitable purposes\n (a) No disposition of property for religious, charitable, educational\nor benevolent purposes, otherwise valid under the laws of this state, is\ninvalid by reason of the indefiniteness or uncertainty of the persons\ndesign…

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

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

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

§ 8-1.5 Trusts for cemetery purposes\n Dispositions of property in trust for the purpose of the perpetual\ncare, maintenance, improvement or embellishment of cemeteries or private\nburial lots in cemeteries, and the roadways, lawns, hedges, walks,\nfences, monuments, structures a…

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

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

§ 8-1.8 Private foundations: administration of certain trusts as defined\n in the United States internal revenue code of 1954\n (a) For purposes of this section, a "trust" means a private foundation\nas defined in section 509 of the United States Internal Revenue Code of\n1986 ("…

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

§ 9-1.1 Rule against perpetuities\n (a) (1) The absolute power of alienation is suspended when there are\nno persons in being by whom an absolute fee or estate in possession can\nbe conveyed or transferred.\n (2) Every present or future estate shall be void in its creation which\…

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

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

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

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

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

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

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

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

§ 9-2.2 Anticipation of directed accumulation\n (a) When a valid accumulation is directed for the benefit of a person\nwithout other sufficient means to support or educate himself, the\nsupreme court or, if such accumulation was directed by will, the\nsurrogate's court of the cou…

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