1. Except as provided in subsections 2 and 3 and in subsection 1 of NRS 111.1039 , 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 NRS 111.103 to 111.1039 , inclusive, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of: (a) A nonvested property interest; or (b) A property interest subject to a power of appointment described in subsection 2 or 3 of NRS 111.1031 , the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. For purposes of NRS 111.103 to 111.1039 , inclusive, a joint power with respect to community property held by persons married to each other is a power exercisable by one person alone. 3. For purposes of NRS 111.103 to 111.1039 , inclusive, 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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