Honorable Tryon D. Lewis, Chair, House Committee on Judiciary & Civil Jurisprudence
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB2189 by Elkins (Relating to the rule against perpetuities.), As Introduced
No fiscal implication to the State is anticipated.
The bill amends Section 112.036 of the Property Code relating to the Rule Against Perpetuities. Provided the effective date of a trust is on or after September 1, 2013, the bill provides an interest in a trust must vest, if at all, not later than 500 years after the effective date of the trust. For most trusts with an effective date before September 1, 2013, the trust must vest no later than 21 years after some life in being at the time of the creation of the interest, plus a period of gestation. No fiscal impact to the State is anticipated.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
212 Office of Court Administration, Texas Judicial Council