06 LC 14
9295
House
Bill 1029
By:
Representative O`Neal of the
146th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 6 of Title 44 of the Official Code of Georgia
Annotated, relating to property estates in general, so as to provide for a
limitation of time upon the validity of possibilities of reverter and rights of
reentry for breach of condition subsequent; to provide for related matters; to
provide for an effective date and applicability; to repeal conflicting laws; and
for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
1 of Chapter 6 of Title 44 of the Official Code of Georgia Annotated, relating
to property estates in general, is amended by adding at its end a new Code
Section 44-6-4 to read as follows:
∀44-6-4.
Neither
possibilities of reverter nor rights of entry or reentry for breach of condition
subsequent, whether heretofore or hereafter created, where the condition has not
been broken shall be valid for a longer period than 50 years from the date of
the creation of the condition or possibility of reverter. If such a possibility
of reverter or right of entry or reentry is created to endure for a longer
period than 50 years, it shall be valid for 50
years.∀
SECTION
2.
This
Act shall become effective on July 1, 2006. It is the express intention of the
General Assembly that this Act shall apply with respect to possibilities of
reverter and rights of entry or reentry for breach of condition subsequent,
whenever created, including those created prior to July 1, 2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.