SCHOENBERG. New Act 765 ILCS 305/2 from Ch. 30, par. 192 765 ILCS 305/6 from Ch. 30, par. 196 765 ILCS 310/1 from Ch. 30, par. 153a 765 ILCS 315/1 from Ch. 30, par. 153 Creates the Uniform Statutory Rule Against Perpetuities to supersede the common law rule. Amends the Statute Concerning Perpetuities, the Perpetuities Vesting Act, and the Trust Accumulation Act. Contains provisions under which the disposition of nonvested property interests and powers of appointment that would have been valid under the common law rule remain valid as of their creation under the statutory rule. Instead of invalidating an interest or power because of what might happen, as the common law rule does, adopts an approach of waiting to see what does happen by establishing a period of 90 years from the creation of the interest or power as a permissible vesting period. Provides for postponement and nonstaggered commencement of the time when certain interests and powers are treated as being created for purposes of determining the vesting period. Requires courts to reform instruments within the 90-year period prescribed by the Act upon proper petition by an interested party. Excludes specific types of interests and powers from the Act's application. Applies prospectively only. Provides that the Statute Concerning Perpetuities, the Perpetuities Vesting Act, and the Trust Accumulation Act apply only to interests created and instruments that become effective before the effective date of the Uniform Statutory Rule Against Perpetuities. 99-05-27 H FILED WITH CLERK 99-06-02 H FIRST READING 99-06-02 H REFERRED TO HOUSE RULES COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary