442.555. Rule against perpetuities, application of modified.
Rule against perpetuities, application of modified.
442.555. 1. When any limitation or provision violates therule against perpetuities or a rule or policy corollary theretoand the instrument containing the limitation or provision alsocontains other limitations or provisions which do not inthemselves violate the rule against perpetuities or any such ruleor policy, the other limitations or provisions shall be valid andeffective in accordance with their terms unless the limitation orprovision which violates the rule against perpetuities or suchrule or policy is manifestly so essential to the dispositivescheme of the grantor, settlor or testator that it is inferablethat he would not wish the limitations or provisions which do notin themselves violate the rule against perpetuities to standalone. Doubts as to the probable wishes of the grantor, settloror testator shall be resolved in favor of the validity oflimitations and provisions.
2. When any limitation or provision violates the ruleagainst perpetuities or a rule or policy corollary thereto andreformation would more closely approximate the primary purpose orscheme of the grantor, settlor or testator than total invalidityof the limitation or provision, upon the timely filing of apetition in a court of competent jurisdiction, by any party ininterest, all parties in interest having been served by process,the limitation or provision shall be reformed, if possible, tothe extent necessary to avoid violation of the rule or policyand, as so reformed, shall be valid and effective.
3. This section shall not apply to any limitation orprovision as to which the period of the rule against perpetuitieshas begun to run prior to the first day of November in the yearin which this section becomes effective.
(L. 1965 p. 628 § 1, A.L. 1978 H.B. 1634)Effective 1-2-79