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

Indiana Statutes

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

Indiana·Art. 4 TRUST CODE·Ch. 5 Rules Governing the Administration of a Trust

(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

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(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.

Indiana § 30-4-5-26 (Nonvested property interests; power of appointment; substitution of period of time; second power of appointment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.