14-2905. Nonvested property interest or power of appointment; creation; effective date; judicial reformation
A. Except as otherwise provided, this article applies to a nonvested property interest or a power of appointment that is created on or after December 31, 1994.
B. If a nonvested property interest or a power of appointment is determined in a judicial proceeding to violate this state's rule against perpetuities as that rule existed when the nonvested property interest or power of appointment was created, a court on the petition of an interested person may reform the disposition in the manner that most closely approximates the transferor's manifested plan of distribution and that is within the limits of the requirements of section 14-2901.
C. For the purposes of this article, if the person who exercises a power of appointment so provides in the exercise, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when the power is irrevocably exercised or when a revocable exercise becomes irrevocable.
Section: Previous 14-2802 14-2803 14-2804 14-2901 14-2902 14-2903 14-2904 14-2905 14-2906 14-2907 14-3101 14-3102 14-3103 14-3104 14-3105 NextLast modified: October 13, 2016