Section 46-11-307 – Impermissible appointment.
A. Except as otherwise provided in Section 306 [46-11-306 NMSA 1978] of the Uniform Powers of Appointment Act, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. B. An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent the appointment is […]
Section 46-11-308 – Selective allocation doctrine.
If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the powerholder’s intent. History: Laws 2016, ch. 69, § 308. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, […]
Section 46-11-309 – Capture doctrine; disposition of ineffectively appointed property under general power.
To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment: A. the gift-in-default clause controls the disposition of the ineffectively appointed property; or B. if there is no gift-in-default clause or to the extent the clause is […]
Section 46-11-310 – Disposition of unappointed property under released or unexercised general power.
To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust: 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 the clause is ineffective: […]
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 46-11-302 – 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 […]
Section 46-11-103 – Governing law.
Unless the terms of the instrument creating a power of appointment manifest a contrary intent: A. the creation, revocation or amendment of the power is governed by the law of the donor’s domicile at the relevant time; and B. the exercise, release or disclaimer of the power, or the revocation or amendment of the exercise, […]
Section 46-11-104 – Common law and principles of equity.
The common law and principles of equity supplement the Uniform Powers of Appointment Act, except to the extent modified by that act or New Mexico law other than that act. History: Laws 2016, ch. 69, § 104. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through […]
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 […]