Section 32-17-8-3 - [Effective Until 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 ninety (90) years after the interest's creation.(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 ninety (90) years after the condition precedent's creation.(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 ninety (90) years after the power's creation.(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.
As added by P.L. 2-2002, SEC.2.This section is set out more than once due to postponed, multiple, or conflicting amendments.