30-4637 – Relation to Electronic Signatures in Global and National Commerce Act.
30-4637. Relation to Electronic Signatures in Global and National Commerce Act. The Uniform Powers of Appointment Act modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., but does not modify, limit, or supersede section 101(c) of that act, 15 U.S.C. 7001(c), or authorize electronic delivery of […]
30-4638 – Application to existing relationships.
30-4638. Application to existing relationships. (a) Except as otherwise provided in the Uniform Powers of Appointment Act, on and after August 28, 2021: (1) the Uniform Powers of Appointment Act applies to a power of appointment created before, on, or after August 28, 2021; (2) the Uniform Powers of Appointment Act applies to a judicial […]
30-4625 – Disclaimer.
30-4625. Disclaimer. As provided by section 30-2352: (1) A powerholder may renounce all or part of a power of appointment. (2) A permissible appointee, appointee, or taker in default of appointment may renounce all or part of an interest in appointive property. Source Laws 2021, LB501, § 48.
30-4626 – Authority to release.
30-4626. Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release. Source Laws 2021, LB501, § 49.
30-4627 – Method of release.
30-4627. Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part: (1) by substantial compliance with a method provided in the terms of the instrument creating the power; or (2) if the terms of the instrument creating the power do not provide a method or […]
30-4628 – Revocation or amendment of release.
30-4628. Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that: (1) the instrument of release is revocable by the powerholder; or (2) the powerholder reserves a power of revocation or amendment in the instrument of release. Source Laws 2021, LB501, § […]
30-4629 – Power to contract: Presently exercisable power of appointment.
30-4629. Power to contract: Presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract: (1) not to exercise the power; or (2) to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. Source Laws 2021, LB501, § 52.
30-4630 – Power to contract: Power of appointment not presently exercisable.
30-4630. Power to contract: Power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: (1) is also the donor of the power; and (2) has reserved the power in a revocable trust. Source […]
30-4631 – Remedy for breach of contract to appoint or not to appoint.
30-4631. Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder’s breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract. Source Laws 2021, LB501, § 54.
30-4632 – Creditor claim: General power created by powerholder.
30-4632. Creditor claim: General power created by powerholder. (a) In this section, power of appointment created by the powerholder includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer. (b) Appointive property subject to a general power of appointment created by the powerholder […]