72-2-1003. When nonvested property interest or power of appointment created.
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72-2-1003 . When nonvested property interest or power of appointment created.
(1)Except as provided in 72-2-1005 and subsections
(2)and
(3)of this section, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.
(2)For purposes of this part, 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 72-2-1002
(2)or (3), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
(3)For purposes of this part, 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.