2006 Minnesota Statutes

501A.02 WHEN NONVESTED PROPERTY INTEREST OR POWER OF APPOINTMENT
CREATED.
(a) Except as provided in subsections (b) and (c) and in section 501A.05, subsection (a), 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 sections 501A.01 to 501A.07, 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 section 501A.01, subsection (b) or (c), the nonvested property interest or power of appointment
is created when the power to become the unqualified beneficial owner terminates.
(c) For purposes of sections 501A.01 to 501A.07, 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.
History: 1987 c 60 s 2