59-3402. Same; nonvested property interest or power of appointment, creation. - Kansas Statutes

59-3402

Chapter 59.--PROBATE CODE Article 34.--UNIFORM STATUTORY RULE AGAINST PERPETUITIES

      59-3402.   Same; nonvested property interest or power of appointment,creation.(a) Except as provided in subsections (b) and (c) and insubsection (a) of K.S.A. 59-3405,the time of creation of a nonvested property interest or a power ofappointment is determined under general principles of property law.

      (b)   For purposes of this act, if there is a person who alone can exercise apower created by a governing instrument to become the unqualified beneficialowner of (i) a nonvested property interest or (ii) a property interest subjectto a power of appointment described in subsection (b) or (c) of K.S.A.59-3401, the nonvested property interest or power of appointment iscreated when the power to becomethe unqualified beneficial owner terminates. For purposes of this act, a jointpower with respect to community property or to marital property under theuniform marital property act held by individuals married to each other is apower exercisable by one person alone.

      (c)   For purposes of this act, a nonvested property interest or a powerof appointment arising from a transfer of property to a previously funded trustor other existing property arrangement is created when the nonvested propertyinterest or power of appointment in the original contribution was created.

      History:   L. 1992, ch. 302, § 2; July 1.