State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-02 > 75-2-1203

75-2-1203. Validity of nonvested property interest -- Validity of general power ofappointment subject to a condition precedent -- Validity of nongeneral or testamentarypower of appointment -- Effect of certain "later-of" type language.
(1) A nonvested property interest is invalid unless within 1,000 years after the interest'screation the interest vests or terminates.
(2) A general power of appointment not presently exercisable because of a conditionprecedent is invalid unless within 1,000 years after the general power of appointment's creationthe power of appointment is irrevocably exercised or terminates.
(3) A nongeneral power of appointment or a general testamentary power of appointmentis invalid unless within 1,000 years after its creation the power of appointment is irrevocablyexercised or terminates.
(4) The language in a governing instrument is inoperative to the extent it produces aperiod of time that exceeds 21 years after the death of the survivor of the specified lives, if, inmeasuring a period from the creation of a trust or other property arrangement, the language:
(a) seeks to disallow the vesting or termination of any interest or trust beyond;
(b) seeks to postpone the vesting or termination of any interest or trust until; or
(c) seeks to operate in effect in any similar fashion upon, the later of:
(i) the expiration of a period of time not exceeding 21 years after the death of thesurvivor of specified lives in being at the creation of the trust or other property arrangement; or
(ii) the expiration of a period of time that exceeds or might exceed 21 years after thedeath of the survivor of lives in being at the creation of the trust or other property arrangement.
(5) If a nongeneral power of appointment is exercised to create a new presentlyexercisable general power of appointment, all property interests subject to that new presentlyexercisable general power of appointment are invalid unless, within 1,000 years after the creationof the new presently exercisable general power of appointment, the property interests that aresubject to the new presently exercisable general power of appointment vest or terminate.
(6) If a nongeneral power of appointment is exercised to create a new or successivenongeneral power of appointment or a new or successive testamentary general power ofappointment, all property interests subject to the exercise of that new or successive nongeneral ortestamentary general power of appointment are invalid unless, within 1,000 years from the timeof creation of the original instrument or conveyance creating the original nongeneral power ofappointment that is exercised to create a new or successive nongeneral or testamentary generalpower of appointment, the property interests that are subject to the new or successive nongeneralor testamentary general power of appointment vest or terminate.

Amended by Chapter 301, 2003 General Session