SECTION 55.1-125. When nonvested property interest or power of appointment created  


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 .