- (a) If a power of termination becomes obsolete, the power expires.
(b) As used in this section, a power of termination is obsolete if any of the following circumstances applies:
- (1) The restriction to which the fee simple estate is subject is of no actual and substantial benefit to the holder of the power.
- (2) Enforcement of the power would not effectuate the purpose of the restriction to which the fee simple estate is subject.
- (3) It would be otherwise inequitable to enforce the power because of changed conditions or circumstances.
- (c) No power of termination shall expire under this section during the life of the grantor if it arises from a grant by a natural person without consideration to a public entity or to a society, corporation, institution, or association exempt by the laws of this state from taxation.