45-2-902. Nonvested property interest or power of appointment
246 words·~1 min read·
/nm/chapter-45-uniform-probate-code/article-2-intestate-succession-and-wills/45-2-902·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
created.
A. Except as provided in Subsections B and C of this section and except as provided in Subsection A of Section 45-2-905 NMSA 1978, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.
B. Under Sections 45-2-901 through 45-2-905 NMSA 1978, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified owner of either a nonvested property interest or a property interest subject to a power of appointment as described in Subsection B or C of Section 45-2-901 NMSA 1978, the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. Under Sections 45-2- 901 through 45-2-905 NMSA 1978, 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. Under Sections 45-2-901 through 45-2-905 NMSA 1978, 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.
History: 1978 Comp., § 45-2-1002, enacted by Laws 1992, ch. 66, § 2; recompiled as 1978 Comp., § 45-2-902 by Laws 1993, ch. 174, § 66; 1995, ch. 210, § 25.