76-2003. When nonvested property interest or power of appointment created.
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/ne/chapter-76/76-2003A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as provided in subsections
(b)and
(c)of this section and subsection
(a)of section 76-2006 , 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 the Uniform Statutory Rule Against Perpetuities 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
(a)or
(b)of section 76-2002 , the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
(c)For purposes of the 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.