Section 46-11-201 – Creation of power of appointment.
A. A power of appointment is created only if: (1) the instrument creating the power: (a) is valid under applicable law; and (b) except as otherwise provided in Subsection B of this section, transfers the appointive property; and (2) the terms of the instrument creating the power manifest the donor’s intent to create in a […]
Section 46-11-202 – Nontransferability.
A powerholder shall not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. History: Laws 2016, ch. 69, § 202. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
Section 46-11-203 – Presumption of unlimited authority.
Subject to Section 205 [46-11-205 NMSA 1978] of the Uniform Powers of Appointment Act, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: A. presently exercisable; B. exclusionary; and C. except as otherwise provided in Section 204 [46-11-204 NMSA 1978] of the Uniform Powers of […]
Section 46-11-204 – Exception to presumption of unlimited authority.
Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: A. the power is exercisable only at the powerholder’s death; and B. the permissible appointees of the power are a defined and limited class that does not include the powerholder’s estate, the powerholder’s creditors or […]
Section 46-11-205 – Rules of classification.
A. As used in this section, “adverse party” means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder or a creditor of the powerholder’s estate. B. […]
Section 46-11-206 – Power to revoke or amend.
A donor may revoke or amend a power of appointment only to the extent that: A. the instrument creating the power is revocable by the donor; or B. the donor reserves a power of revocation or amendment in the instrument creating the power of appointment. History: Laws 2016, ch. 69, § 206. ANNOTATIONS Effective dates. […]