Section 116 - Contingent interests1.Specified contingency within 30 years. Except as provided in subsection 2, a fee simple determinable in land or a fee simple in land subject to a right of entry for condition broken becomes a fee simple absolute if the specified contingency does not occur within 30 years from the date when the fee simple determinable or the fee simple subject to a right of entry becomes possessory. If the specified contingency occurs within the 30 years, the succeeding interest, which may be an interest in a person other than the individual creating the interest or that individual's heirs, becomes possessory or the right of entry exercisable notwithstanding the rule against perpetuities. [2017, c. 402, Pt. B, §2(NEW); 2019, c. 417, Pt. B, §14(AFF).]
2.Contingency within period. If a fee simple determinable in land or a fee simple in land subject to a right of entry for condition broken is so limited that the specified contingency must occur, if at all, within the period of the rule against perpetuities, the interests take effect as limited. [2017, c. 402, Pt. B, §2(NEW); 2019, c. 417, Pt. B, §14(AFF).]
3.Not applicable to public, charitable or religious purposes; grant to State or political subdivision. This section does not apply: A. If both the fee simple determinable and the succeeding interest or both the fee simple and the right of entry are for public, charitable or religious purposes; or [2017, c. 402, Pt. B, §2(NEW); 2019, c. 417, Pt. B, §14(AFF).]B. To a deed, gift or grant to the State or any political subdivision of the State. [2017, c. 402, Pt. B, §2(NEW); 2019, c. 417, Pt. B, §14(AFF).] [2017, c. 402, Pt. B, §2(NEW); 2019, c. 417, Pt. B, §14(AFF).]
Amended by 2019, c. 417,§ B-14, eff. 6/20/2019.Added by 2018, c. 402,§ B-2, eff. 7/1/2019.