Section 46-11-502 – Creditor claim; general power not created by powerholder.
A. Except as otherwise provided in Subsection B of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of: (1) the powerholder, to the extent that the powerholder’s property is insufficient, if the power is presently exercisable; […]
Section 46-11-503 – Power to withdraw.
A. For purposes of this article and except as otherwise provided in Subsection B of this section, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw. […]
Section 46-11-504 – Creditor claim; nongeneral power.
A. Except as otherwise provided in Subsections B and C of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate. B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor […]
Section 46-11-601 – Uniformity of application and construction.
In applying and construing the Uniform Powers of Appointment Act, consideration shall be given to the need to promote uniformity of the act with respect to its subject matter among states that enact it. History: Laws 2016, ch. 69, § 601. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. […]
Section 46-11-602 – Relation to Electronic Signatures in Global and National Commerce Act.
The Uniform Powers of Appointment Act modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of […]
Section 46-11-603 – Application to existing relationships.
A. Except as otherwise provided in the Uniform Powers of Appointment Act, on and after January 1, 2017: (1) the Uniform Powers of Appointment Act applies to a power of appointment created before, on or after January 1, 2017; (2) the Uniform Powers of Appointment Act applies to a judicial proceeding concerning a power of […]
Section 46-11-404 – Revocation or amendment of release.
A powerholder may revoke or amend a release of a power of appointment only to the extent that: A. the instrument of release is revocable by the powerholder; or B. the powerholder reserves a power of revocation or amendment in the instrument of release. History: Laws 2016, ch. 69, § 404. ANNOTATIONS Effective dates. — […]
Section 46-11-405 – Power to contract; presently exercisable power of appointment.
A powerholder of a presently exercisable power of appointment may contract: A. not to exercise the power; or B. to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. History: Laws 2016, ch. 69, § 405. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made […]
Section 46-11-406 – Power to contract; power of appointment not presently exercisable.
A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: A. is also the donor of the power; and B. has reserved the power in a revocable trust. History: Laws 2016, ch. 69, § 406. ANNOTATIONS Effective dates. — […]
Section 46-11-407 – Remedy for breach of contract to appoint or not to appoint.
The remedy for a powerholder’s breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract. History: Laws 2016, ch. 69, § 407. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, […]