§ 30-4-5-26 — Nonvested property interests; power of appointment; substitution of period of time; second power of appointment

Indiana § 30-4-5-26

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 5: Rules Governing the Administration of a Trust

Text

(a) If the trustee has the full, unrestricted
power to alienate trust property and the trust expressly states that this
exception applies to the trust, IC 32-17-8-3 shall apply to a nonvested
property interest or power of appointment contained in the trust by
substituting three hundred sixty (360) years instead of ninety (90) years
in each place where the term appears in IC 32-17-8-3, unless the terms
of the trust require that all beneficial interests in the trust vest or
terminate within a lesser period.
(b) When a power of appointment in a trust ("first power") is
exercised to create another power of appointment ("second power"),
then a nonvested property interest or second power created through the
exercise of the first power is considered to have been created at the
time of irrevocable exercise of the first power, unless the instrument
exercising the first power provides that the second power was created
at the time of creation of the first power.

Legislative History

As added by P.L.61-2024, SEC.1.