59-3402. Same; nonvested property interest or power of appointment, creation.
210 words·~1 min read·
/ks/chapter-59/59-3402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
59-3402. Same; nonvested property interest or power of appointment, creation.
(a)Except as provided in subsections
(b)and
(c)and in subsection
(a)of K.S.A. 59-3405 , 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 act, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of
(i)a nonvested property interest or
(ii)a property interest subject to a power of appointment described in subsection
(b)or
(c)of K.S.A. 59-3401 , the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. For purposes of this act, a joint power with respect to community property or to marital property under the uniform marital property act held by individuals married to each other is a power exercisable by one person alone.
(c)For purposes of this act, 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.