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 […]
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: […]