§ 60-175.47. Suspension of absolute power of alienation - Period of suspension.

A.  Except as otherwise provided by this section, the absolute power of alienation of real and personal property, or either of them, shall not be suspended by any limitations or conditions whatever for a longer period than during the continuance of a life or lives of the beneficiaries in being at the creation of the estate and twenty-one (21) years thereafter.

B.  The provisions of this section shall not apply when property is given, granted, bequeathed, or devised to:

1.  A charitable use;

2.  Literary, educational, scientific, religious, or charitable corporations for their sole use and benefit;

3.  Any cemetery corporation, society or association;

4.  The Department of Mental Health and Substance Abuse Services as provided in Section 1 of this act; or

5.  Gifts absolute, limited, or in trust, for the advancement of medical science to an incorporated state society of physicians and surgeons.

Added by Laws 1941, p. 264, § 47.  Amended by Laws 2003, c. 217, § 6, eff. Nov. 1, 2003.