When this law applies

(a) Except as extended by subsection (b), this chapter applies to a nonvested property interest or a power of appointment that is created on or after June 18, 1992. For the purposes of this section, 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) If a nonvested property interest or a power of appointment was created before June 18, 1992 and is determined in a judicial proceeding, commenced on or after June 18, 1992, to violate this State's common law rule against perpetuities as that rule existed before June 18, 1992, a court upon the petition of an interested person may 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.