59-3405. Same; prospective application.
59-3405
59-3405. Same; prospective application.(a) Except as extended by subsection (b), this act applies to anonvested property interest or a power of appointment that is created on orafter the effective date of this act. For purposes of this section, a nonvestedpropertyinterest or a power of appointment created by the exercise of a power ofappointment is created when the power is irrevocably exercised or when arevocable exercise becomes irrevocable.
(b) If a nonvested property interest or a power of appointment was createdbefore the effective date of this act and is determined in a judicialproceeding, commenced on or after the effective date of this act, to violatethis state's rule against perpetuities as that rule existed before theeffective date of this act, a court upon the petition of an interested personmay reform the disposition in the manner that most closely approximates thetransferor's manifested plan of distribution and is within the limits of therule against perpetuities applicable when the nonvested property interest orpower of appointment was created.
History: L. 1992, ch. 302, § 5; July 1.