§ 76-2003 — When nonvested property interest or power of appointment created

Nebraska § 76-2003

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

(a) Except as provided in subsections (b) and (c) of this section and subsection (a) of section 76-2006 , 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 the Uniform Statutory Rule Against Perpetuities Act, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in subsection (a) or (b) of section 76-2002 , the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
(c) For purposes of the act, 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.

Legislative History

Source: Laws 1989, LB 377, § 3.