500.17 FUTURE ESTATES; RENTS AND PROFITS.
    Subdivision 1. Disposal; rules governing. Dispositions of the rents and profits of lands,
to accrue and be received at any time subsequent to the execution of the instrument creating
such disposition, shall be governed by the rules established in this chapter in relation to future
estates in lands.
    Subd. 2. Accumulation. Where the controlling will or other written instrument permits
accumulation, either expressly or by necessary implication, income from personal property and
rents and profits from real estate may be accumulated for the period during which the power of
alienation may be suspended by future interests in real or personal property not held in trust under
section 501B.09, subdivision 3. Where any will or other instrument authorizes accumulation
beyond the period permissible under this section, such authorization shall be void only as to the
excess period.
Reasonable sums set aside for depreciation and depletion shall not be deemed an
accumulation within the meaning of this section.
    Subd. 3.[Repealed, 1965 c 682 s 2]
    Subd. 4. Support of minor beneficiaries. When such rents and profits are directed to be
accumulated for the benefit of infants entitled to the expectant estate, and such infants are destitute
of other sufficient means of support and education, the district court, upon the application of
their guardian, may direct a suitable sum, out of such rents and profits, to be applied to their
maintenance and education.
    Subd. 5. Ownership if alienation suspended. When, in consequence of a valid limitation
of an expectant estate, there is a suspension of the power of alienation, or of ownership, during
the continuance of which the rents and profits are undisposed of, and no valid direction for their
accumulation is given, such rents and profits shall belong to the person presumptively entitled
to the next eventual estate.
    Subd. 6. Trustee's accumulation of rents, profits of realty. The provisions of this section
shall not apply to the accumulations of rents and profits of real estate held or owned by a trustee
or trustees of a trust forming a part of a stock bonus, pension, retirement or profit sharing plan
or fund exempt from tax under the provisions of the Internal Revenue Code of the United
States, and rents and profits of real estate held or owned by any such trustee or trustees may be
accumulated without restriction as to time.
History: (8066, 8067, 8068, 8069, 8070) RL s 3225, 3226, 3227, 3228, 3229; 1953 c 424 s
1; 1965 c 682 s 1; 1987 c 60 s 9; 1989 c 340 art 1 s 73