Arizona Laws 14-2905. Nonvested property interest or power of appointment; creation; effective date; judicial reformation
A. Except as otherwise provided, this article applies to a nonvested property interest or a power of appointment that is created on or after December 31, 1994.
Terms Used In Arizona Laws 14-2905
- Court: means the superior court. See Arizona Laws 14-1201
- Interested person: includes any trustee, heir, devisee, child, spouse, creditor, beneficiary, person holding a power of appointment and other person who has a property right in or claim against a trust estate or the estate of a decedent, ward or protected person. See Arizona Laws 14-1201
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- State: means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. See Arizona Laws 14-9101
- Transferor: means a person who creates a custodial trust by transfer or declaration. See Arizona Laws 14-9101
B. If a nonvested property interest or a power of appointment is determined in a judicial proceeding to violate this state‘s rule against perpetuities as that rule existed when the nonvested property interest or power of appointment was created, a court on 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 that is within the limits of the requirements of section 14-2901.
C. For the purposes of this article, if the person who exercises a power of appointment so provides in the exercise, 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.