14-2902. Nonvested property interest or power of appointment; creation

A. Except as provided in subsections B and C of this section and section 14-2905, subsection A, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

B. If there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of a nonvested property interest or a property interest subject to a power of appointment described in section 14-2901, subsection B or C, the nonvested property interest or power of appointment is created when that person's power to become the unqualified beneficial owner terminates. A joint power with respect to community property or to marital property held by a married couple is a power exercisable by one person alone.

C. A nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or any other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.

14-2902. Nonvested property interest or power of appointment; creation

A. Except as provided in subsections B and C of this section and section 14-2905, subsection A, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

B. If there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of a nonvested property interest or a property interest subject to a power of appointment described in section 14-2901, subsection B or C, the nonvested property interest or power of appointment is created when that person's power to become the unqualified beneficial owner terminates. A joint power with respect to community property or to marital property held by a married couple is a power exercisable by one person alone.

C. A nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or any other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.