Montana § 72-2-1006 Prospective Application

Montana Statutes

§ 72-2-1006 — Prospective Application

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

72-2-1006 . Prospective application.

(1)Except as extended by subsection (2), this part applies to a nonvested property interest or a power of appointment created on or after October 1, 1989. 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.

(2)If a nonvested property interest or a power of appointment was created before October 1, 1989, and is determined in a judicial proceeding commenced on or after October 1, 1989, to violate this state's rule against perpetuities as that rule existed before October 1, 1989, a court, upon the petition of an interested person, may reform the disposition in the manner t

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72-2-1006 . Prospective application. (1) Except as extended by subsection (2), this part applies to a nonvested property interest or a power of appointment created on or after October 1, 1989. 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.
(2) If a nonvested property interest or a power of appointment was created before October 1, 1989, and is determined in a judicial proceeding commenced on or after October 1, 1989, to violate this state's rule against perpetuities as that rule existed before October 1, 1989, a court, upon the petition of an interested person, may reform the disposition in the manner that most closely approximates the transferor's manifested plan of distribution and that is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.

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