§ 41-19. Prospective application. - North Carolina Statutes

§41‑19.  Prospective application.

(a)        Except as extendedby subsection (b) of this section, this Article applies to a nonvested propertyinterest or a power of appointment that is created on or after October 1,1995.  For purposes of this section, a nonvested property interest or a powerof appointment created by the exercise of a power of appointment is createdwhen the power is irrevocably exercised or when a revocable exercise becomesirrevocable.

(b)        If a nonvestedproperty interest or a power of appointment was created prior to October 1,1995, and is determined in a judicial proceeding, commenced on or after October1, 1995, to violate this State's rule against perpetuities as that rule existedbefore October 1, 1995, a court upon the petition of an interested person mayreform the disposition in the manner that most closely approximates thetransferor's manifested plan of distribution and is within the limits of therule against perpetuities applicable when the nonvested property interest orpower of appointment was created. (1995, c. 190, s. 1; 1997, c.456, s. 8.)