When an initial power of appointment in a trust is exercised to create a subsequent power of appointment or nonvested property interest, the subsequent power of appointment or nonvested property interest created through the exercise of the initial power of appointment is considered to have been created at the time of the creation of the initial power of appointment, unless:

1. (1) the instrument creating the initial power of appointment; or

2. (2) the instrument exercising the initial power of appointment;

   explicitly provides that the subsequent power of appointment is considered to have been created at the time of the irrevocable exercise of the initial power of appointment.

As added by P.L.61-2024, SEC.3. Amended by P.L.105-2026, SEC.10.