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A. Except as provided in subsections B and C and in § 55.1-128 , the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. B. For the purposes of §§ 55.1-128 through 55.1-128 , if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in subsection B or C in § 55.1-128 , the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. C. For the purposes of §§ 55.1-128 through 55.1-128 , 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. 2000, c. 55.1-128 , § 55-12.2; 2019, c. 55.1-128 .
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