Section 46-11-306 – Appointment to deceased appointee or permissible appointee’s descendant.
A. Subject to Sections 45-2-603 and 45-2-707 NMSA 1978, an appointment to a deceased appointee is ineffective. B. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder of a nongeneral power may exercise the power in favor of, or create a new power of appointment in, a […]
Section 46-11-301 – Requisites for exercise of power of appointment.
A power of appointment is exercised only: A. if the instrument exercising the power is valid under applicable law; and B. if the terms of the instrument exercising the power: (1) manifest the powerholder’s intent to exercise the power; and (2) subject to Section 304 [46-11-304 NMSA 1978] of the Uniform Powers of Appointment Act, […]
Section 46-11-302 – Intent to exercise; determining intent from residuary clause.
A. As used in this section: (1) “residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and (2) “will” includes a codicil and a testamentary instrument that revises another will. B. A residuary clause in a powerholder’s will, or a comparable clause in the powerholder’s revocable trust, manifests […]