[§525-2]  When nonvested property interest
or power of appointment created.  (a)  Except as provided in subsections
(b) and (c) and in section 525-5(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 the 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
525-1(b) or (c), the nonvested property interest or power of appointment is
created when the power to become the unqualified beneficial owner terminates. 
For the purposes of this chapter, a joint power with respect to community
property under chapter 510 held by individuals married to each other is a power
exercisable by one person alone.



(c)  For the 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. [L 1992, c 262, pt of §2]



 



Revision Note



 



  In subsection (a), section "525-5(a)" substituted
for "525-4(a)".