§ 32-17-8-1 — Application of chapter; reformation of disposition created before May 8, 1991

(a) Except as provided in subsection (b), this
chapter applies to a nonvested property interest or a power of
appointment that is created on or after May 8, 1991. For purposes of
this section, 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.
(b) If a nonvested property interest or a power of appointment was
created before May 8, 1991, and:
(1) is determined in a judicial proceeding commenced on or after
May 8, 1991, to violate this state's rule against perpetuities as that
rule existed before May 8, 1991; or
(2) may violate this state's rule against perpetuities as that rule
existed before May 8, 1991;
a court upon the petition of an interested person shall reform the
disposition by inserting a savings clause that most closely preserves the
transferor's plan of distribution and is within the limits of the rule
against perpetuities applicable when the nonvested property interest or
power of appointment was created.
[Pre-2002 Recodification Citation: 32-1-4.5-1.]

Legislative History

As added by P.L.2-2002, SEC.2.