New Hampshire Revised Statutes 564-B:4-402A – Duration of Trusts
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(a) Unless a trust is subject to the rule against perpetuities or is a trust for the care of an animal under N.H. Rev. Stat. § 564-B:4-408, a trust may be perpetual or may exist for any shorter period of time.
(b) The rule against perpetuities shall not apply to a trust or any disposition of trust property if:
(1) the terms of the trust expressly exempt the trust from the application of the rule against perpetuities; and
(2) under the terms of the trust, an applicable statute, or common law, the trustee or other person to whom the power is properly granted or delegated has the power to sell, mortgage, or lease trust property for any period of time beyond the period that, if this section did not apply to the trust, would be required for an interest in the trust to vest in order to be valid under the rule against perpetuities.
(c) The rule against accumulations shall not apply to any trust to which the rule against perpetuities does not apply.
(d) Subsections (b) and (c) apply to any trust created on or after January 1, 2004. This section otherwise applies to any trust created before, on, or after the effective date of this chapter.
(b) The rule against perpetuities shall not apply to a trust or any disposition of trust property if:
Terms Used In New Hampshire Revised Statutes 564-B:4-402A
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(1) the terms of the trust expressly exempt the trust from the application of the rule against perpetuities; and
(2) under the terms of the trust, an applicable statute, or common law, the trustee or other person to whom the power is properly granted or delegated has the power to sell, mortgage, or lease trust property for any period of time beyond the period that, if this section did not apply to the trust, would be required for an interest in the trust to vest in order to be valid under the rule against perpetuities.
(c) The rule against accumulations shall not apply to any trust to which the rule against perpetuities does not apply.
(d) Subsections (b) and (c) apply to any trust created on or after January 1, 2004. This section otherwise applies to any trust created before, on, or after the effective date of this chapter.