§ 15-11-1106 — Prospective application

(1) Except as extended by subsection
(2) of this section, this part 11 applies to a nonvested property interest or a power of
appointment that is created on or after May 31, 1991. For purposes of this section
and section 15-11-1107, 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.

(2) If a nonvested property interest or a power of appointment was created
before May 31, 1991, and is determined in a judicial proceeding, commenced on or
after May 31, 1991, to violate this state's rule against perpetuities as that rule
existed before May 31, 1991, a court upon the petition of an interested person shall
reform the disposition by inserting a saving clause that preserves most closely the
transferor's manifested plan of distribution and that brings that plan within the
limits of the rule against perpetuities applicable when the nonvested property
interest or power of appointment was created.

Legislative History

Source: L. 91: Entire part added, p. 1448, � 9, effective May 31. L. 2006: (1) amended, p. 381, � 13, effective July 1.