{"data":{"id":"us-ky/krs-381.226","jurisdiction":"us-ky","citation":"KRS 381.226","heading":"Applicability of KRS 381.224 and 381.225 to property interests and powers","body":"of appointment -- Construction of provisions requiring vesting within period\nprovided by common law rule against perpetuities.\n(1) Except as provided in subsection (2) of this section, KRS 381.224 and 381.225 shall\napply to:\n(a) A future property interest or a power of appointment that is created on or after\nJuly 15, 2010, including a property interest or power of appointment created\npursuant to the exercise of a power o f appointment under an instrument\nexecuted prior to July 15, 2010; or\n(b) A future property interest or a power of appointment:\n1. That is created pursuant to the laws of any state that does not have a rule\nagainst perpetuities in force;\n2. That is not cov ered by any previously existing rule against perpetuities;\nand\n3. To which, after July 15, 2010, the laws of this state are made applicable\nby transfer of the situs of a trust to Kentucky, by a change in the law\ngoverning a trust instrument to Kentucky law, or otherwise.\n(2) With respect to a nonvested property interest or a power of appointment created\neither before or after July 15, 2010, which is determined in a judicial proceeding\ncommenced on or after July 15, 2010, to violate Kentucky's rule against perpetuities\nas that rule existed at the time the interest or power was created, a court upon the\npetition of an interested person may reform the disposition in the manner that most\nclosely approximates the transferor's manifested plan of disposition and is  within\nthe limits of the rule against perpetuities applicable when the nonvested property\ninterest or power of appointment was created.\n(3) For purposes of this section only, a future property interest or a power of\nappointment is created when the power is irrevocably exercised or when a revocable\nexercise becomes irrevocable.\n(4) An instrument which contains a provision requiring the vesting of all interests\ncreated by the instrument within the period provided by the common law rule\nagainst perpetuities s hall be construed as requiring the interests to vest within the\nperiod specified by this section and KRS 381.224 and 381.225, unless the provision\nis determined by a court to have been included in the instrument for reasons other\nthan protecting the intere st against a violation of the common law rule against\nperpetuities. For purposes of this subsection, the term \"common law rule against\nperpetuities\" shall include KRS 381.215, 381.216, and 381.217 prior to their repeal\non July 15, 2010. This subsection doe s not apply to any interest in property created\nby the exercise of the special power of appointment granted by an instrument that\nwas irrevocable on September 25, 1985.","path":["KRS Chapter 381"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50148","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:10Z","sha256":"06b2cddb50bbda30a036d776bd97788c7dab3310ed8650b9d0b5acd644b38725","source_id":"us-ky","stale":false,"prev":"us-ky/krs-381.225","next":"us-ky/krs-381.230"},"notice":"GroundRules: Original legal text. Not legal advice."}