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(1)
(a) Except as extended by Subsection (2), this section applies to a nonvested property interest or a power of appointment that is created on or after December 31, 2003.
(b) 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:
(i) the power is irrevocably exercised; or
(ii) a revocable exercise becomes irrevocable.
(2) If a nonvested property interest or a power of appointment was created before December 31, 2003, and is determined in a judicial proceeding, commenced on or after December 31, 2003, to violate Utah's rule against perpetuities as that rule existed before December 31, 2003, a court upon the petition of an interested person may reform the disposition:
(a) in the manner that most closely approximates the transferor's manifested plan of distribution; and
(b) that is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.
(3) Section 75-2-1203 applies to a trust instrument or conveyance executed on or after December 31, 2003, if the trust instrument or conveyance creates a contingent power of appointment or nonvested property interest subject to the exercise of a power of appointment that creates a new or successive power of appointment.