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 556.111 – 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 […]