A. Except as extended by Subsection B of this section, Sections 45-2-901 through 45-2-905 NMSA 1978 apply to a nonvested property interest or a power of appointment that is created on or after July 1, 1992. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when the power is irrevocably exercised or when a revocable exercise becomes irrevocable.
B. If a nonvested property interest or a power of appointment was created before July 1, 1992 and is determined in a judicial proceeding, commenced on or after July 1, 1992, to violate the New Mexico rule against perpetuities as that rule existed before July 1, 1992, a court, upon the petition of an interested person, may reform the disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.
History: 1978 Comp., § 45-2-1005, enacted by Laws 1992, ch. 66, § 5; recompiled as 1978 Comp., § 45-2-905 by Laws 1993, ch. 174, § 66; 1995, ch. 210, § 28.
ANNOTATIONSOfficial comments. — See Commissioners on Uniform State Law official comment to 2-905 UPC.
The 1995 amendment, effective July 1, 1995, substituted "Sections 45-2-901 through 45-2-905 NMSA 1978" for "Sections 45-2-1001 through 45-2-1005 NMSA 1978" in the first sentence in Subsection A.