Oregon Statutes 105.955 – When nonvested property interest or power of appointment created
(1) Except as provided in subsections (2) and (3) of this section and in ORS § 105.970 (1), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.
Terms Used In Oregon Statutes 105.955
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) For purposes of ORS § 105.950 to 105.975, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of either a nonvested property interest or a property interest subject to a power of appointment described in ORS § 105.950 (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 ORS § 105.950 to 105.975, 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. [1989 c.208 § 2]