31D-2-201. Creation of power of appointment. (a) A power of appointment is created only if all of the following apply: (1) The instrument creating the power is valid under applicable law. (2) Repealed by Session Laws 2021-53, s. 4.1, effective June 25, 2021. (3) The terms of the instrument creating the power manifest the donor’s […]
31D-2-202. Nontransferability. A power holder may not transfer a power of appointment. If a power holder dies without exercising or releasing a power, the power lapses. (2015-205, s. 3(a).)
31D-2-203. Presumption of unlimited authority. Subject to the provisions of G.S. 31D-2-205, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is all of the following: (1) Presently exercisable. (2) Exclusionary. (3) Except as otherwise provided in G.S. 31D-2-204, general. (2015-205, s. 3(a).)
31D-2-204. Exception to presumption of unlimited authority. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if both of the following apply: (1) The power is exercisable only at the power holder’s death. (2) The permissible appointees of the power are a defined and limited […]
31D-2-205. Rules of classification. (a) In this section, the term "adverse party" means a person with a substantial beneficial interest in property who would be affected adversely by a power holder’s exercise or nonexercise of a power of appointment in favor of the power holder, the power holder’s estate, a creditor of the power holder, […]
31D-2-206. Power to revoke or amend. A donor may revoke or amend a power of appointment only to the extent that either of the following apply: (1) The instrument creating the power is revocable by the donor. (2) The donor reserves a power of revocation or amendment in the instrument creating the power of appointment. […]
