§525-2 When nonvested property interest or power of appointment created. (a) Except as provided in subsections (b) and (c) and in section 525-5(a), 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 this chapter, 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 525-1(b) or (c), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. For the purposes of this chapter, a joint power with respect to community property under chapter 510 held by individuals married to each other is a power exercisable by one person alone. (c) For the purposes of this chapter, 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 intment 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 1992, c 262, pt of §2] Revision Note In subsection (a), section '525-5(a)' substituted for '525-4(a)'.
Hawaii Legal Code