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 46-11-405 – 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, […]
Section 46-11-501 – Creditor claim; general power created by powerholder.
A. As used in this section, “power of appointment created by the powerholder” includes a power of appointment created in a transfer by another person to the extent that the powerholder contributed value to the transfer. B. Appointive property subject to a general power of appointment created by the powerholder is subject to a claim […]
Section 46-11-311 – Disposition of unappointed property under released or unexercised nongeneral power.
To the extent a powerholder releases, ineffectively exercises or fails to exercise a nongeneral power of appointment: A. the gift-in-default clause controls the disposition of the unappointed property; or B. if there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property: (1) passes to the permissible appointees if: […]
Section 46-11-312 – Disposition of unappointed property if partial appointment to taker in default.
Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property. History: Laws 2016, ch. 69, § 312. 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 […]