Section 46-11-314 – Powerholder’s authority to revoke or amend exercise.
A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: A. the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit […]
Section 46-11-313 – Appointment to taker in default.
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes under the clause. History: Laws 2016, ch. 69, § […]
Section 46-11-401 – Disclaimer.
As provided by the Uniform Disclaimer of Property Interests Act [45-2-1101 to 45-2-1116 NMSA 1978]: A. a powerholder may disclaim all or part of a power of appointment; and B. a permissible appointee, appointee or taker in default of appointment may disclaim all or part of an interest in appointive property. History: Laws 2016, ch. […]
Section 46-11-402 – Authority to release.
A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release. History: Laws 2016, ch. 69, § 402. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 […]
Section 46-11-403 – Method of release.
A powerholder of a releasable power of appointment may release the power in whole or in part: A. by substantial compliance with a method provided in the terms of the instrument creating the power; or B. if the terms of the instrument creating the power do not provide a method or the method provided in […]
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 46-11-303 – Intent to exercise; after-acquired power.
Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: A. except as otherwise provided in Subsection B of this section, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and B. if the powerholder is also the donor of the […]
Section 46-11-304 – Substantial compliance with donor-imposed formal requirement.
A powerholder’s substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if: A. the powerholder knows of and intends to exercise the power; and B. the powerholder’s manner of attempted exercise […]
Section 46-11-305 – Permissible appointment.
A. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder’s own property. B. A powerholder of a general power of […]
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 […]