75-2-1204 - When nonvested property interest or power of appointment created.

75-2-1204. When nonvested property interest or power of appointment created.
(1) Except as provided in Subsections (2) and (3) and in Section 75-2-1207, the time ofcreation of a nonvested property interest or a power of appointment is determined under generalprinciples of property law.
(2) For purposes of this part, if there is a person who alone can exercise a power createdby a governing instrument to become the unqualified beneficial owner of:
(a) a nonvested property interest; or
(b) a property interest subject to a power of appointment described in Subsection75-2-1203(2)(a) or (b), the nonvested property interest or power of appointment is created whenthe power to become the unqualified beneficial owner terminates.
(3) For purposes of this title, a nonvested property interest or a power of appointmentarising from a transfer of property to a previously funded trust or other existing propertyarrangement is created when the nonvested property interest or power of appointment in theoriginal contribution was created.

Enacted by Chapter 39, 1998 General Session