Nebraska Revised Statute 76-2003
Chapter 76 Section 2003
When nonvested property interest or power of appointment created.
(a) Except as provided in subsections (b) and (c) of this section and subsection (a) of section 76-2006, 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 the Uniform Statutory Rule Against Perpetuities Act, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in subsection (a) or (b) of section 76-2002, the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
(c) For purposes of the act, 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.
- Laws 1989, LB 377, § 3.