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2017 Tennessee Code
Title 66 - Property
Chapter 1 - Estates in Property
Part 2 - Tennessee Uniform Statutory Rule Against Perpetuities
§ 66-1-203. Creation of nonvested property interest or power of appointment.
Universal Citation: TN Code § 66-1-203 (2017)
- (a) Except as provided in subsections (b) and (c) of this section and in § 66-1-206(a), the time of creation of a nonvested property interest or a power of appointment is determined by other applicable statutes or, if none, under general principles of property law.
- (b) For purposes of this part, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of:
- (1) A nonvested property interest; or
- (2) A property interest subject to a power of appointment described in §§ 66-1-202(b) or (c);
the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.
- (c) For purposes of this part, 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.
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