HB1339

House Bill 1339 amends Arkansas law concerning the 'Rule Against Perpetuities,' which limits the duration for which property interests or powers of appointment may remain nonvested. The primary action of the bill is to extend the statutory time limit for these interests to vest or terminate from 90 years to 365 years. It also updates language regarding the court's authority to reform dispositions that violate this rule and modifies the prospective application date of the statute. Additionally, the bill repeals the section of the code that mandates uniformity of application and construction with other states. By extending this duration, the bill allows for the creation of long-term trusts or property interests that remain valid for over three centuries.