§ 31D-4-406 – Power to contract; power of appointment not presently exercisable.
31D-4-406. Power to contract; power of appointment not presently exercisable. A power holder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the power holder both: (1) Is also the donor of the power. (2) Has reserved the power in a revocable […]
§ 31D-4-407 – Remedy for breach of contract to appoint or not to appoint.
31D-4-407. Remedy for breach of contract to appoint or not to appoint. The remedy for a power holder’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. (2015-205, s. 3(a).)
§ 31D-5-501 – Creditor claim; general power created by power holder.
31D-5-501. Creditor claim; general power created by power holder. (a) In this section, "power of appointment created by the power holder" includes a power of appointment created in a transfer by another person to the extent the power holder contributed value to the transfer. (b) Appointive property subject to a general power of appointment created […]
§ 31D-5-502 – Creditor claim; general power not created by power holder.
31D-5-502. Creditor claim; general power not created by power holder. (a) Except as otherwise provided in subsection (b) of this section, and only when and to the extent that the power holder exercises the power, appointive property subject to a general power of appointment created by a person other than the power holder is subject […]
§ 31D-5-503 – Power to withdraw.
31D-5-503. Power to withdraw. (a) For purposes of this Article, a power to withdraw property from a trust is treated as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw. (b) The lapse, release, or waiver of a power to withdraw property from a trust […]
§ 31D-5-504 – Creditor claim; nongeneral power.
31D-5-504. 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 power holder or the power holder’s estate. (b) Appointive property subject to a nongeneral power of appointment is […]
§ 31D-5-505 – Requisites of release as against creditors and purchasers for value.
31D-5-505. Requisites of release as against creditors and purchasers for value. No release of a power of appointment after March 8, 1943, which is made by the owner of the legal title to real property in this State shall be valid as against creditors and purchasers for a valuable consideration until an instrument in writing […]
§ 31D-6-601 – Uniformity of application and construction.
31D-6-601. Uniformity of application and construction. In applying and construing this Chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (2015-205, s. 3(a).)
§ 31D-6-602 – Relation to Electronic Signatures in Global and National Commerce Act.
31D-6-602. Relation to Electronic Signatures in Global and National Commerce Act. This Chapter 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 15 U.S.C. 7001(c), or authorize electronic delivery of any of the notices described in […]
§ 31D-6-603 – Application to existing relationships.
31D-6-603. Application to existing relationships. (a) Except as otherwise provided in this Chapter, on or after August, 11, 2015: (1) This Chapter applies to a power of appointment created before, on or after August 11, 2015. (2) This Chapter applies to a judicial proceeding concerning a power of appointment commenced on or after August 11, […]