14-2905. Nonvested property interest or power
of appointment; creation; effective date; judicial
reformation
A. Except as otherwise provided, this article applies to a nonvested property
interest or a power of appointment that is created on or after December 31, 1994.
B. If a nonvested property interest or a power of appointment is determined in a
judicial proceeding to violate this state's rule against perpetuities as that rule
existed when the nonvested property interest or power of appointment was created, a court
on the petition of an interested person may reform the disposition in the manner that
most closely approximates the transferor's manifested plan of distribution and that is
within the limits of the requirements of section 14-2901.
C. For purposes of this article, a nonvested property interest or a power of
appointment created by the exercise of a power of appointment is created when the power
is irrevocably exercised or when a revocable exercise becomes irrevocable.
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