(B)

1. (1) No rule of law against perpetuities or suspension of the power of alienation of the title to property, any other existing law against perpetuities, or any law restricting or limiting the duration of trusts shall apply with respect to any interest in real or personal property held in trust if both of the following apply:

   1. (a) The instrument creating the trust specifically states that the rule against perpetuities or the provisions of division (A) of section 2131.08 of the Revised Code shall not apply to the trust.
   2. (b) The trustee has unlimited power, or one or more persons have the unlimited power to direct the trustee or to approve the trustee's decision, either to sell all trust assets or to terminate the entire trust.

2. (2) Division (B)(1) of this section shall apply to the interpretation of a testamentary or inter vivos trust instrument that creates an interest in real or personal property in relation to which one or more of the following conditions apply:

   1. (a) The instrument creating the testamentary or inter vivos trust is executed in this state.
   2. (b) The sole trustee or one of the trustees is domiciled in this state.
   3. (c) The testamentary or inter vivos trust is administered in this state or the situs of a substantial portion of the assets subject to the testamentary portion of the testamentary or inter vivos trust is in this state, even though some part or all of those assets are physically deposited for safekeeping in a state other than this state.
   4. (d) The instrument creating the testamentary or inter vivos trust states that the law of this state is to apply.

3. (3) Subject to division (C) of this section, division (B) of this section shall be effective with respect to all of the following:

   1. (a) An interest in real or personal property in trust created under the terms of a will of a decedent dying on or after March 22, 1999;
   2. (b) An interest in real or personal property created under the terms of an inter vivos or testamentary trust instrument executed on or after March 22, 1999;
   3. (c) An interest in real or personal property in trust created by the exercise of a general power of appointment on or after March 22, 1999;
   4. (d) An interest in real or personal property in trust created by the exercise of a nongeneral power of appointment over any portion of a trust that meets the requirements of division (B) of this section, but only if the date of creation of that nongeneral power of appointment is on or after the effective date of this section.

(F) For purposes of this section:

1. (1) "General power of appointment" means a power that is exercisable in favor of the individual possessing the power, the individual's estate, the individual's creditors, or the creditors of the individual's estate other than either of the following:

   1. (a) A power that is limited by an ascertainable standard as defined in section 5801.01 of the Revised Code;
   2. (b) A power of withdrawal held by an individual, but only to the extent that it does not exceed the amount specified in section 2041(b)(2) or 2514(e) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1 et seq., as amended.
2. (2) "Nongeneral power of appointment" means any power of appointment that is not a general power of appointment.
3. (3) The "date of creation" of a nongeneral power of appointment created by the exercise of one or more powers of appointment, except by the exercise of a general power of appointment exercisable by deed, shall be the date of creation of the first of those powers of appointment to be exercised.
4. (4) "Exercisable by deed" has the same meaning as in section 2131.08 of the Revised Code.