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. […]
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 […]
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 46-11-102 – Definitions.
As used in the Uniform Powers of Appointment Act: A. “appointee” means a person to which a powerholder makes an appointment of appointive property; B. “appointive property” means the property or property interest subject to a power of appointment; C. “blanket-exercise clause” means a clause in an instrument that exercises a power of appointment and […]
Section 46-11-101 – Short title.
Sections 101 through 603 [46-11-101 to 46-11-603] of this act may be cited as the “Uniform Powers of Appointment Act”. History: Laws 2016, ch. 69, § 101. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.