subject to a condition precedent -- Validity of nongeneral or testamentary power of appointment -- Effect of certain "later-of" type language. (1) A nonvested property interest is invalid unless within 1,000 years after the interest's creation the interest vests or terminates. (2) A general power of appointment not presently exercisable because of a condition precedent is invalid unless within 1,000 years after the general power of appointment's creation the power of appointment is irrevocably exercised or terminates. (3) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless within 1,000 years after its creation the power of appointment is irrevocably exercised or terminates. (4) The language in a governing instrument is inoperative to the extent it produces a period of time that exceeds 1,000 years after if, in measuring a period from the creation of a trust or other property arrangement, the language: (a) seeks to disallow the vesting or termination of any interest or trust beyond; (b) seeks to postpone the vesting or termination of any interest or trust until; or (c) seeks to operate in effect in any similar fashion upon, the later of: (i) the expiration of a period of time not exceeding 1,000 years; or (ii) the expiration of a period of time that exceeds or might exceed 1,000 years. (5) If a power of appointment is exercised to create a new power of appointment, all property interests subject to that new power of appointment are invalid unless the property interests that are subject to the new power of appointment vest or terminate within 1,000 years after the creation of the new power of appointment.
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