Section 32-17-8-3 - [Effective 7/1/2024] Nonvested property interests; powers of appointment; validity(a) A nonvested property interest is valid if: (1) when the interest is created, the interest is certain to vest or terminate not later than twenty-one (21) years after the death of an individual then alive; or(2) the interest either vests or terminates within 9 three hundred sixty (360) years after the interest's creation, unless the terms of the trust require that all beneficial interests in the trust vest or terminate within a lesser period of time.(b) A general power of appointment not presently exercisable because of a condition precedent is valid if:(1) when the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy not later than twenty-one (21) years after the death of an individual then alive; or(2) the condition precedent either is satisfied or becomes impossible to satisfy within three hundred sixty (360) years after the condition precedent's creation, unless the terms of the trust require that all beneficial interests in the trust vest or terminate within a lesser period of time.(c) A nongeneral power of appointment or a general testamentary power of appointment is valid if:(1) when the power is created, the power is certain to be irrevocably exercised or otherwise to terminate not later than twenty-one (21) years after the death of an individual then alive; or(2) the power is irrevocably exercised or otherwise terminates within three hundred sixty (360) years after the power's creation, unless the terms of the trust require that all beneficial interests in the trust vest or terminate within a lesser period of time.(d) In determining whether a nonvested property interest or a power of appointment is valid under subsection (a)(1), (b)(1), or (c)(1), the possibility that a child will be born to an individual after the individual's death is disregarded.Pre-2002 Recodification Citation: 32-1-4.5-3.
Amended by P.L. 61-2024,SEC. 2, eff. 7/1/2024.As added by P.L. 2-2002, SEC.2.This section is set out more than once due to postponed, multiple, or conflicting amendments.