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Martin O'Malley, Governor
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Ch. 381
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(e) (5) A trust in which the governing instrument states that the rule
against perpetuities does not apply to the trust and under which the trustee, or other
person to whom the power is properly granted or delegated, has the power under the
governing instrument, applicable statute, or common law to sell, lease, or mortgage
property for any period of time beyond the period that is required for an interest
created under the governing instrument to vest, so as to be good under the rule
against perpetuities.;
(F) (6) AN OPTION OF A TENANT TO RENEW A LEASE.;
(G) (7) AN OPTION OF A TENANT TO PURCHASE ALL OR PART OF THE
PREMISES LEASED BY THE TENANT.;
(H) (8) (1) IN THIS SUBSECTION, "USUFRUCTUARY" MEANS A PERSON
HAVING A USUFRUCT OR RIGHT TO ENJOY A THING IN WHICH THE PERSON HAS
NO PROPERTY INTEREST.
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(2) AN OPTION OF A USUFRUCTUARY TO EXTEND THE SCOPE OF
AN EASEMENT OR PROFIT.;
(I) (9) THE RIGHT OF A COUNTY, A MUNICIPALITY, A PERSON FROM
WHOM LAND IS ACQUIRED, OR THE SUCCESSOR-IN-INTEREST OF A PERSON
FROM WHOM LAND IS ACQUIRED, TO ACQUIRE LAND FROM THE STATE IN
ACCORDANCE WITH § 8-309 OF THE TRANSPORTATION ARTICLE.; OR
(10) A RIGHT OR PRIVILEGE. INCLUDING AN OPTION, WARRANT,
PRE-EMPTIVE RIGHT, RIGHT OF FIRST REFUSAL, RIGHT OF FIRST OPTION, RIGHT
OF FIRST NEGOTIATION, CALL RIGHT, EXCHANGE RIGHT, OR CONVERSION
RIGHT. TO ACQUIRE AN INTEREST IN A DOMESTIC OR FOREIGN JOINT VENTURE,
PARTNERSHIP, LIMITED LIABILITY PARTNERSHIP, LIMITED PARTNERSHIP,
LIMITED LIABILITY LIMITED PARTNERSHIP, CORPORATION, COOPERATIVE,
LIMITED LIABILITY COMPANY, BUSINESS TRUST, OR SIMILAR ENTERPRISE,
WHETHER THE INTEREST IS CHARACTERIZED AS A JOINT VENTURE INTEREST,
PARTNERSHIP INTEREST, LIMITED PARTNERSHIP INTEREST, MEMBERSHIP
INTEREST, SECURITY, STOCK, OR OTHERWISE; OR
(J) (10)(11) A NONDONATIVE PROPERTY INTEREST AS DESCRIBED
IN § 11-102.1 OF THIS ARTICLE SUBTITLE.
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11-102.1.
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- 2361 -
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