Section 525-1 shall not apply to:

1. (1) A fiduciary's power to sell, lease, or mortgage property, and the power of a fiduciary to determine principal and income;
2. (2) A discretionary power of a trustee to distribute principal before termination of a trust;
3. (3) A nonvested property interest held by a charity, government, or governmental agency or subdivision, if the nonvested property interest is preceded by an interest held by another charity, government, or governmental agency or subdivision;
4. (4) A property interest in or a power of appointment with respect to a pension, profit-sharing, stock bonus, health, disability, death benefit, income deferral, or other current or deferred benefit plan for one or more employees, independent contractors, or their beneficiaries or spouses;
5. (5) A property interest, power of appointment, or arrangement that was not subject to the common-law rule against perpetuities or is excluded by any other applicable law; or
6. (6) A trust described in chapter 554G.

[L 1992, c 262, pt of §2; am L 2010, c 182, §3]