Utah Code 75-2-1207. Prospective application
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(1)
Terms Used In Utah Code 75-2-1207
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Interested person: includes heirs, devisees, children, spouses, creditors, beneficiaries, and any others having a property right in or claim against a trust estate or the estate of a decedent, ward, or protected person. See Utah Code 75-1-201 v2
- Petition: means a written request to the court for an order after notice. See Utah Code 75-1-201 v2
- Proceeding: includes action at law and suit in equity. See Utah Code 75-1-201 v2
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2(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.(1)(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:(1)(b)(i) the power is irrevocably exercised; or(1)(b)(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:
(2)(a) in the manner that most closely approximates the transferor’s manifested plan of distribution; and
(2)(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.