(a) Except as extended by subsection (b) of this Code section, this article applies to a nonvested property interest or a power of appointment that is created on or after July 1, 2018. For purposes of this Code section only, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when the power is irrevocably exercised or when a revocable exercise becomes irrevocable.

(b) With respect to a nonvested property interest or a power of appointment that was created before July 1, 2018, and that violates this state’s rule against perpetuities as that rule existed before July 1, 2018, a court, upon the petition of a trustee, trust director, or other person whose interests would be affected, may:

(1) Subject to Code Section 23-1-4, exercise its equitable power;

(2) Approve a nonjudicial settlement agreement or make any related determination under subsection (c) of Code Section 53-12-9;

(3) Approve a petition to modify or terminate an irrevocable trust under Code Section 53-12-61; or

(4) Declare that the exercise of the power to invade the principal of the original trust under subsection (b) of Code Section 53-12-62 is appropriate and effective

so that the nonvested property interest is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created to reform the disposition in the manner that most closely approximates the transferor’s manifested plan of distribution and is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created.