75-2-1207. Prospective application.

239 words·~1 min read·/ut/title-75/chapter-2/75-2-1207

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as extended by Subsection

(2), this section applies to a nonvested property interest or a power of appointment that is created on or after December 31, 2003.

(b)For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when:

(i)the power is irrevocably exercised; or

(ii)a revocable exercise becomes irrevocable.

(2)If a nonvested property interest or a power of appointment was created before December 31, 2003, and is determined in a judicial proceeding, commenced on or after December 31, 2003, to violate Utah's rule against perpetuities as that rule existed before December 31, 2003, a court upon the petition of an interested person may reform the disposition:

(a)in the manner that most closely approximates the transferor's manifested plan of distribution; and

(b)that is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.

(3)Section 75-2-1203 applies to a trust instrument or conveyance executed on or after December 31, 2003, if the trust instrument or conveyance creates a contingent power of appointment or nonvested property interest subject to the exercise of a power of appointment that creates a new or successive power of appointment.

Amended by Chapter 3 , 2003 Special Session 2