75-2-1204 - When nonvested property interest or power of appointment created. - Utah Statutes

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75-2-1204. When nonvested property interest or power of appointment created.
(1) Except as provided in Subsections (2) and (3) and in Section 75-2-1207, the time ofcreation of a nonvested property interest or a power of appointment is determined under generalprinciples of property law.
(2) For purposes of this part, if there is a person who alone can exercise a power createdby a governing instrument to become the unqualified beneficial owner of:
(a) a nonvested property interest; or
(b) a property interest subject to a power of appointment described in Subsection75-2-1203(2)(a) or (b), the nonvested property interest or power of appointment is created whenthe power to become the unqualified beneficial owner terminates.
(3) For purposes of this title, a nonvested property interest or a power of appointmentarising from a transfer of property to a previously funded trust or other existing propertyarrangement is created when the nonvested property interest or power of appointment in theoriginal contribution was created.

Enacted by Chapter 39, 1998 General Session

State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-02 > 75-2-1204

75-2-1204. When nonvested property interest or power of appointment created.
(1) Except as provided in Subsections (2) and (3) and in Section 75-2-1207, the time ofcreation of a nonvested property interest or a power of appointment is determined under generalprinciples of property law.
(2) For purposes of this part, if there is a person who alone can exercise a power createdby a governing instrument to become the unqualified beneficial owner of:
(a) a nonvested property interest; or
(b) a property interest subject to a power of appointment described in Subsection75-2-1203(2)(a) or (b), the nonvested property interest or power of appointment is created whenthe power to become the unqualified beneficial owner terminates.
(3) For purposes of this title, a nonvested property interest or a power of appointmentarising from a transfer of property to a previously funded trust or other existing propertyarrangement is created when the nonvested property interest or power of appointment in theoriginal contribution was created.

Enacted by Chapter 39, 1998 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-02 > 75-2-1204

75-2-1204. When nonvested property interest or power of appointment created.
(1) Except as provided in Subsections (2) and (3) and in Section 75-2-1207, the time ofcreation of a nonvested property interest or a power of appointment is determined under generalprinciples of property law.
(2) For purposes of this part, if there is a person who alone can exercise a power createdby a governing instrument to become the unqualified beneficial owner of:
(a) a nonvested property interest; or
(b) a property interest subject to a power of appointment described in Subsection75-2-1203(2)(a) or (b), the nonvested property interest or power of appointment is created whenthe power to become the unqualified beneficial owner terminates.
(3) For purposes of this title, a nonvested property interest or a power of appointmentarising from a transfer of property to a previously funded trust or other existing propertyarrangement is created when the nonvested property interest or power of appointment in theoriginal contribution was created.

Enacted by Chapter 39, 1998 General Session