75-2-1207. Prospective application.
(1) Except as extended by Subsection, this section applies to a nonvested property interest or a power of appointment that is created on or after December 31, 2003. (2) 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 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: in the manner that most closely approximates the transferor's manifested plan of distribution; and that is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.
(3) Sectionapplies 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. 75-2-1203