(a) Except as provided in subsections (b) and (c) of this section and in section 19-905(a), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

(b) For purposes of this chapter, 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 19-901(b) or (c), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.

(c) For purposes of this chapter, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.

CREDIT(S)

(Apr. 27, 2001, D.C. Law 13-292, § 402(b), 48 DCR 2087.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-901.
Uniform Law
This section is based upon § 2 of the Uniform Statutory Rule Against Perpetuities Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.

(a) Except as provided in subsections (b) and (c) of this section and in section 19-905(a), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

(b) For purposes of this chapter, 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 19-901(b) or (c), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.

(c) For purposes of this chapter, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.

CREDIT(S)

(Apr. 27, 2001, D.C. Law 13-292, § 402(b), 48 DCR 2087.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-901.
Uniform Law
This section is based upon § 2 of the Uniform Statutory Rule Against Perpetuities Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.