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 556.117 – 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 556.111 – 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 […]