Sec. 45a-492. When nonvested property interest or power of appointment created.
Sec. 45a-492. When nonvested property interest or power of appointment created. (a) Except as provided in subsections (b) and (c) of this section and in subsection
(a) of section 45a-495, 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 sections 45a-490 to 45a-496, inclusive, 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 subsection (b) or (c) of section 45a-491, the
nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
(c) For purposes of sections 45a-490 to 45a-496, inclusive, 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.
(P.A. 89-44, S. 3.)