§ 32-17-8-4 — Nonvested property interests or powers of appointment; time of creation

(a) Except as provided in subsections (b) and
(c) and in section 1(a) of this chapter, the time of creation of a
nonvested property interest or a power of appointment is determined
under general principles of property law.
(b) For purposes of this chapter, if there is a person who alone can
exercise a power created by a governing instrument to become the
unqualified beneficial owner of:
(1) a nonvested property interest; or
(2) a property interest subject to a power of appointment
described in section 3(b) or 3(c) of this chapter;
the nonvested property interest or power of appointment is created
when the power to become the unqualified beneficial owner terminates.
(c) For purposes of this chapter, a nonvested property interest or a
power of appointment arising from a transfer of property to a
previously funded trust or other existing property arrangement is
created when the nonvested property interest or power of appointment
in the original contribution was created.
[Pre-2002 Recodification Citation: 32-1-4.5-4.]

Legislative History

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