(1) The Rule in Shelley's Case is abolished and shall not be recognized by any court of this state.
(2) This section is intended to annul the application or effect of the Rule in Shelley's Case on any instrument or interest in real property.
(3) When any instrument prepared or executed after July 16, 2003, conveys an interest in any real property to be given to the heirs or issue of any person in words which, under the rule of construction known as the “Rule in Shelley's Case” would have operated to give to that person an interest in fee simple, those words shall operate as words of purchase and not of limitation.