(1) (a) Except as extended by Subsection (2), this section applies to a nonvested property interest or a power of appointment that is created on or after December 31, 2003. (b) For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when: (i) the power is irrevocably exercised; or (ii) a revocable exercise becomes irrevocable.

(a) Except as extended by Subsection (2), this section applies to a nonvested property interest or a power of appointment that is created on or after December 31, 2003.

(b) For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when: (i) the power is irrevocably exercised; or (ii) a revocable exercise becomes irrevocable.

(i) the power is irrevocably exercised; or

(ii) a revocable exercise becomes irrevocable.

(2) If a nonvested property interest or a power of appointment was created before December 31, 2003, and is determined in a judicial proceeding, commenced on or after December 31, 2003, to violate Utah's rule against perpetuities as that rule existed before December 31, 2003, a court upon the petition of an interested person may reform the disposition: (a) in the manner that most closely approximates the transferor's manifested plan of distribution; and (b) that is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.

(a) in the manner that most closely approximates the transferor's manifested plan of distribution; and

(b) that is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.

(3) Section 75-2-1203 applies to a trust instrument or conveyance executed on or after December 31, 2003, if the trust instrument or conveyance creates a contingent power of appointment or nonvested property interest subject to the exercise of a power of appointment that creates a new or successive power of appointment.