Section 556.111 – Powers of Appointment Act; Short Title.
556.111 Powers of appointment act; short title. Sec. 1. This act shall be known and may be cited as the “powers of appointment act of 1967”. History: 1967, Act 224, Eff. Nov. 2, 1967
Section 556.112 – Powers of Appointment Act; Definitions.
556.112 Powers of appointment act; definitions. Sec. 2. As used in this act: (a) “Property” means any legal or equitable interest in real or personal property, including choses in action. (b) “Power” means a power of appointment over property. (c) “Power of appointment” means a power created or reserved by a person having property subject […]
Section 556.113 – Powers of Appointment; Creation; Donors, Qualifications.
556.113 Powers of appointment; creation; donors, qualifications. Sec. 3. (1) A power may be created by any creating instrument which is executed in the manner required by law for that instrument. (2) The donor of a power must be a person capable of transferring the interest in property to which the power relates and having […]
Section 556.114 – Manifestation of Intent to Exercise.
556.114 Manifestation of intent to exercise. Sec. 4. Unless otherwise provided in the creating instrument, an instrument manifests an intent to exercise the power if the instrument purports to transfer an interest in the appointive property that the donee would have no power to transfer except by virtue of the power, even though the power […]
Section 556.115 – Methods by Which Powers May Be Exercised by Donees.
556.115 Methods by which powers may be exercised by donees. Sec. 5. (1) A power may be exercised by any donee capable of transferring the interest in property to which the power relates. (2) A power may be exercised only by a written instrument that would be sufficient to pass the interest intended to be […]
Section 556.115a – Second Trust.
556.115a Second trust. Sec. 5a. (1) A trustee with a presently exercisable discretionary power to make distributions of income or principal of an irrevocable trust to or for the benefit of 1 or more beneficiaries of the trust may, unless the terms of the first trust expressly provide otherwise, exercise the power by appointing all […]
Section 556.116 – Interests Appointable by General Powers; Part of Donee’s Estate.
556.116 Interests appointable by general powers; part of donee’s estate. Sec. 6. (1) If the will of a donee of a general power exercisable by will either effectively exercises the power or manifests an intent to exercise the power and satisfies the requirements of sections 4 and 5, all interests which the donee could by […]
Section 556.117 – Naming Appointees by Donees of Powers.
556.117 Naming appointees by donees of powers. Sec. 7. The donee of any power may appoint the whole or any part of the appointive assets to any 1 or more of the permissible appointees and exclude others, except as otherwise provided in the creating instrument. History: 1967, Act 224, Eff. Nov. 2, 1967
Section 556.118 – Release of Powers; Method; Delivery.
556.118 Release of powers; method; delivery. Sec. 8. (1) Unless the creating instrument expressly provides that a power cannot be released or expressly restricts the time, manner or scope of release, all powers may be released except as provided in subsection (2). (2) Unless the creating instrument expressly provides otherwise, a special power may not […]
Section 556.119 – Creation, Exercise and Release of Powers; Irrevocability.
556.119 Creation, exercise and release of powers; irrevocability. Sec. 9. The creation, exercise or release of a power is irrevocable unless the power to revoke is reserved in the instrument creating, exercising or releasing the power. History: 1967, Act 224, Eff. Nov. 2, 1967
Section 556.120 – Contracts of Donees of Powers to Make Appointments; Remedies.
556.120 Contracts of donees of powers to make appointments; remedies. Sec. 10. (1) Unless the creating instrument provides otherwise, the donee of a power, presently exercisable, can contract to make an appointment, if neither the contract nor the promised appointment confers a benefit upon a person who is not a permissible appointee under the power. […]
Section 556.121 – Instruments Relating to Powers to Appoint Interests in Land; Recording as Conveyances.
556.121 Instruments relating to powers to appoint interests in land; recording as conveyances. Sec. 11. (1) Any of the following instruments relating to powers to appoint interests in land is entitled to be recorded as a conveyance upon compliance with section 23 of chapter 65 of the Revised Statutes of 1846, being section 565.23 of […]
Section 556.122 – Special Power; Passing on Donee’s Default.
556.122 Special power; passing on donee’s default. Sec. 12. If the donee of a special power fails to exercise the power effectively or totally releases a releasable special power, the interests that might have been appointed under the power pass as follows: (a) If the creating instrument contains an express gift in default, then in […]
Section 556.123 – General Powers; Creditors’ Rights in Appointable Interests.
556.123 General powers; creditors’ rights in appointable interests. Sec. 13. (1) If a donee has a general power of appointment, any interest that the donee has power to appoint or has appointed is to be treated as property of the donee for the purposes of satisfying claims of the donee’s creditors, as provided in this […]
Section 556.124 – Suspension or Postponement of Vesting of Future Interests; Time Period; Definitions.
556.124 Suspension or postponement of vesting of future interests; time period; definitions. Sec. 14. (1) The period during which the vesting of a future interest may be suspended or postponed by an instrument exercising a power of appointment begins on the effective date of the instrument of exercise in the case of a general power […]
Section 556.125 – Suspension or Postponement of Vesting of Future Interests; Time Period When Trust Creator Reserves Power to Amend or Revoke.
556.125 Suspension or postponement of vesting of future interests; time period when trust creator reserves power to amend or revoke. Sec. 15. When the creator of a trust reserves to himself an unqualified power to amend or revoke, the period during which the vesting of a future interest may be suspended or postponed begins when […]
Section 556.126 – Postponement of Vesting of Future Interests; Law Determining Period.
556.126 Postponement of vesting of future interests; law determining period. Sec. 16. When the provisions of sections 14 or 15 apply, the permissible period for the postponement of a vesting of a future interest shall be fixed in accordance with either the law in effect at the time of the exercise of the power or […]
Section 556.127 – Postponement of Vesting of Future Interests; Facts and Circumstances to Be Considered.
556.127 Postponement of vesting of future interests; facts and circumstances to be considered. Sec. 17. When the period during which the vesting of a future interest may be postponed must be computed from the time of the creation of a power, with respect to interests sought to be created by an instrument exercising the power, […]
Section 556.128 – Reserved Power of Revocation; Effect on Creditors and Purchasers.
556.128 Reserved power of revocation; effect on creditors and purchasers. Sec. 18. When the grantor in a conveyance reserves to himself an unqualified power of revocation, he is thereafter deemed still to be the absolute owner of the estate conveyed, so far as the rights of his creditors and purchasers are concerned. If the grantor […]
Section 556.129 – Law Applicability; Construction of Act.
556.129 Law applicability; construction of act. Sec. 19. As to all matters not within this act or any other applicable statute, the common law is to govern. This section is not intended to restrict in any manner the meaning of any provision of this act or any other applicable statute. History: 1967, Act 224, Eff. […]