As provided by chapter 120 of NRS: 1. A powerholder may disclaim all or part of a power of appointment. 2. A permissible appointee, appointee or taker in default of appointment may disclaim all or part of an interest in appointive property. (Added to NRS by 2017, 1377)
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. (Added to NRS by 2017, 1377)
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 the method provided in […]
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. (Added to NRS by 2017, 1378)
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. (Added to NRS by 2017, 1378)
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. (Added to NRS by 2017, 1378)
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. (Added to NRS by 2017, 1378)
