A. Except as provided in Subsections B and C of this section and except as provided in Subsection A of Section 45-2-905 N.M. Stat. Ann., the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

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B. Under Sections 45-2-901 through 45-2-905 N.M. Stat. Ann., if there is a person who alone can exercise a power created by a governing instrument to become the unqualified owner of either a nonvested property interest or a property interest subject to a power of appointment as described in Subsection B or C of Section 45-2-901 N.M. Stat. Ann., the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. Under Sections 45-2- 901 through 45-2-905 N.M. Stat. Ann., a joint power with respect to community property or to marital property under the Uniform Marital Property Act held by individuals married to each other is a power exercisable by one person alone.

C. Under Sections 45-2-901 through 45-2-905 N.M. Stat. Ann., 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.