Nonvested property interests or powers of appointment; time of
creation
Sec. 4. (a) Except as provided in subsections (b) and (c) and in
section 1(a) of this chapter, 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 chapter, if there is a person who alone can
exercise a power created by a governing instrument to become the
unqualified beneficial owner of:
(1) a nonvested property interest; or
(2) a property interest subject to a power of appointment
described in section 3(b) or 3(c) of this chapter;
the nonvested property interest or power of appointment is created
when the power to become the unqualified beneficial owner
terminates.
(c) For purposes of this chapter, 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.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006