NRS 162B.005 – Short title.

This chapter may be cited as the Uniform Powers of Appointment Act. (Added to NRS by 2017, 1372)

NRS 162B.010 – Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 162B.015 to 162B.100, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2017, 1372)

NRS 162B.015 – “Appointee” defined.

“Appointee” means a person to which a powerholder makes an appointment of appointive property. (Added to NRS by 2017, 1372)

NRS 162B.020 – “Appointive property” defined.

“Appointive property” means the property or property interest subject to a power of appointment. (Added to NRS by 2017, 1372)

NRS 162B.025 – “Blanket-exercise clause” defined.

“Blanket-exercise clause” means a clause in an instrument which exercises a power of appointment and is not a specific-exercise clause. The term includes a clause that: 1. Expressly uses the words “any power” in exercising any power of appointment the powerholder has; 2. Expressly uses the words “any property” in appointing any property over which […]

NRS 162B.030 – “Donor” defined.

“Donor” means a person that creates a power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.035 – “Exclusionary power of appointment” defined.

“Exclusionary power of appointment” means a power of appointment exercisable in favor of any one or more of the permissible appointees to the exclusion of the other permissible appointees. (Added to NRS by 2017, 1373)

NRS 162B.040 – “General power of appointment” defined.

“General power of appointment” means a power of appointment exercisable in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder or a creditor of the powerholder’s estate. (Added to NRS by 2017, 1373)

NRS 162B.045 – “Gift-in-default clause” defined.

“Gift-in-default clause” means a clause identifying a taker in default of appointment. (Added to NRS by 2017, 1373)

NRS 162B.050 – “Impermissible appointee” defined.

“Impermissible appointee” means a person that is not a permissible appointee. (Added to NRS by 2017, 1373)

NRS 162B.055 – “Instrument” defined.

“Instrument” means a record. (Added to NRS by 2017, 1373)

NRS 162B.060 – “Nongeneral power of appointment” defined.

“Nongeneral power of appointment” means a power of appointment that is not a general power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.065 – “Permissible appointee” defined.

“Permissible appointee” means a person in whose favor a powerholder may exercise a power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.070 – “Person” defined.

“Person” includes an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality or other legal entity. (Added to NRS by 2017, 1373)

NRS 162B.075 – “Power of appointment” defined.

“Power of appointment” means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney. (Added to NRS by 2017, 1373)

NRS 162B.080 – “Powerholder” defined.

“Powerholder” means a person in which a donor creates a power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.085 – “Presently exercisable power of appointment” defined.

“Presently exercisable power of appointment” means a power of appointment exercisable by the powerholder at the relevant time. The term: 1. Includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard or the passage of a specified time only after: (a) The occurrence of the […]

NRS 162B.090 – “Specific-exercise clause” defined.

“Specific-exercise clause” means a clause in an instrument which specifically refers to and exercises a particular power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.095 – “Taker in default of appointment” defined.

“Taker in default of appointment” means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.100 – “Terms of the instrument” defined.

“Terms of the instrument” means the manifestation of the intent of the maker of the instrument regarding the instrument’s provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. (Added to NRS by 2017, 1374)