75-2-1204. When nonvested property interest or power of appointment created.
(1) Except as otherwise provided in this section or Section, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. 75-2-1207
(2) For purposes of this part, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of: a nonvested property interest; or a property interest subject to a power of appointment described in Section, the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. 75-2-1203
(3) For purposes of this title, 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.
(4) A person who exercises an initial power of appointment may provide in the exercise of that power of appointment: for a nonvested property interest that is considered: created when the initial power is irrevocably exercised or when a revocable exercise becomes irrevocable; and not created at the time of the creation of the initial power of appointment that is exercised; and for a further power of appointment created by the exercise of the initial power of appointment that is considered: created when the initial power is irrevocably exercised or when a revocable exercise becomes irrevocable; and not created at the time of the creation of the initial power of appointment that is exercised.