Montana § 72-2-1003 When Nonvested Property Interest Or Power Of Appointment Created

Montana Statutes

§ 72-2-1003 — When Nonvested Property Interest Or Power Of Appointment Created

Montana·Title 72 ESTATES, TRUSTS, AND FIDUCIARY RELATIONSHIPS·Ch. 2 UPC -- INTESTACY, WILLS, AND DONATIVE TRANSFERS·Part 10 Uniform Statutory Rule Against Perpetuities -- Honorary Trusts

72-2-1003 . When nonvested property interest or power of appointment created.

(1)Except as provided in 72-2-1005 and subsections (2) and (3) of this section, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

(2)For purposes of this part, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of a nonvested property interest or a property interest subject to a power of appointment described in 72-2-1002 (2) or (3), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.

(3)For purposes of this part, a nonvested property interest or a power of appointm

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72-2-1003 . When nonvested property interest or power of appointment created. (1) Except as provided in 72-2-1005 and subsections (2) and (3) of this section, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.
(2) For purposes of this part, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of a nonvested property interest or a property interest subject to a power of appointment described in 72-2-1002 (2) or (3), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
(3) For purposes of this part, 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.

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