(1) Except as provided in subsections (2) and (3) of this section and in sections 15-11-1102.5(3)(a) and 15-11-1106(1), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.(2) For purposes of this part 11, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of either a nonvested property interest or a property interest subject to a power of appointment described in section 15-11-1102(2) or (3), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. For purposes of this part 11, a joint power with respect to community property or to marital property under the 'Uniform Marital Property Act' held by individuals married to each other is a power exercisable by one person alone.(3) For purposes of this part 11, 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

r 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.L. 91: Entire part added, p. 1446, § 9, effective May 31. L. 2006: (1) amended, p. 381, § 11, effective July 1.