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 […]
30-4617 – Impermissible appointment.
30-4617. Impermissible appointment. (a) Except as otherwise provided in section 30-4616, 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 a fraud on the power. Source Laws […]
30-4633 – Creditor claim: General power not created by powerholder.
30-4633. Creditor claim: General power not created by powerholder. (a) Except as otherwise provided in subsection (b) of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of: (1) the powerholder, to the extent the powerholder’s property […]
30-4618 – Selective allocation doctrine.
30-4618. 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. Source Laws 2021, LB501, § 41.
30-4634 – Power to withdraw.
30-4634. Power to withdraw. (a) For purposes of the Uniform Powers of Appointment Act, and except as otherwise provided in subsection (b) of this section, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of […]
30-4619 – Capture doctrine: Disposition of ineffectively appointed property under general power.
30-4619. 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: (1) the gift in default clause controls the disposition of the ineffectively appointed property; or (2) […]
30-4635 – Creditor claim: Nongeneral power.
30-4635. Creditor claim: Nongeneral power. (a) Except as otherwise provided in subsections (b) and (c) of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate. (b) Appointive property subject to a nongeneral power of appointment is subject to […]
30-4620 – Disposition of unappointed property under released or unexercised general power.
30-4620. 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: (1) the gift in default clause controls the disposition of the unappointed property; or (2) if […]
30-4636 – Uniformity of application and construction.
30-4636. Uniformity of application and construction. In applying and construing the Uniform Powers of Appointment Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source Laws 2021, LB501, § 59.