Section 2 Time of creation; nonvested property interest or power of appointment
[Text of section effective until July 1, 2011. Repealed by 2008, 521, Sec. 4. See 2008, 521, Sec. 44.]
Section 2. (a) Except as provided in paragraphs (b) and (c) and in paragraph (a) of section five, 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 (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in paragraph (b) or paragraph (c) of section one, 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.