Sec. 4. (a) Except as provided in subsections (b) and (c) and in section 1(a) of this chapter, 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:

(1) a nonvested property interest; or

(2) a property interest subject to a power of appointment described in section 3(b) or 3(c) of this chapter;

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.

[Pre-2002 Recodification Citation: 32-1-4.5-4.]

As added by P.L.2-2002, SEC.2.