Nonvested property interest or power of appointment created.

  1. Law
  2. New Mexico Statutes
  3. Uniform Probate Code
  4. Intestate Succession and Wills
  5. UNIFORM STATUTORY RULE AGAINST PERPETUITIES; HONORARY TRUSTS; TRUSTS FOR PETS; TIME LIMITS ON OPTIONS IN GROSS AND CERTAIN OTHER INTERESTS IN REAL PROPERTY
  6. Uniform Statutory Rule AgainstPerpetuities
  7. Nonvested property interest or power of appointment created.

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A. Except as provided in Subsections B and C of this section and except as provided in Subsection A of Section 45-2-905 NMSA 1978, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

B. Under Sections 45-2-901 through 45-2-905 NMSA 1978, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified owner of either a nonvested property interest or a property interest subject to a power of appointment as described in Subsection B or C of Section 45-2-901 NMSA 1978, the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. Under Sections 45-2-901 through 45-2-905 NMSA 1978, a joint power with respect to community property or to marital property under the Uniform Marital Property Act held by individuals married to each other is a power exercisable by one person alone.

C. Under Sections 45-2-901 through 45-2-905 NMSA 1978, 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: 1978 Comp., § 45-2-1002, enacted by Laws 1992, ch. 66, § 2; recompiled as 1978 Comp., § 45-2-902 by Laws 1993, ch. 174, § 66; 1995, ch. 210, § 25.

ANNOTATIONS

Official comments. — See Commissioners on Uniform State Law official comment to 2-902 UPC.

Repeals. — Laws 1993, ch. 174, § 84 repealed former 45-2-902 NMSA 1978, as enacted by Laws 1975, ch. 257, § 2-902, relating to the duty and liability of the custodian of a will, effective July 1, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.

The 1995 amendment, effective July 1, 1995, substituted "Section 45-2-905 NMSA 1978" for "Section 45-2-1005 NMSA 1978" in Subsection A; substituted "Section 45-2-901 NMSA 1978" for "Section 45-2-1001 NMSA 1978" in the first sentence of Subsection B; and substituted "Sections 45-2-901 through 45-2-905 NMSA 1978" for "Sections 45-2-1001 through 45-2-1005 NMSA 1978" in two places in Subsection B and in Subsection C.


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