[§525-2] When nonvested property interest or power of appointment created.
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/hi/chapter-525/525-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§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)".