Section 308 – Elective allocation doctrine.
Effective 5/9/2017 75-10-308. Elective 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 shall be allocated in the permissible manner that best carries out the powerholder’s intent. Enacted by Chapter 125, 2017 General Session
Section 203 – Presumption of unlimited authority.
Effective 5/9/2017 75-10-203. Presumption of unlimited authority. Subject to Section 75-10-205, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: (1) presently exercisable; (2) exclusionary; and (3) except as otherwise provided in Section 75-10-204, general. Enacted by Chapter 125, 2017 General Session
Section 204 – Exception to presumption of unlimited authority.
Effective 5/9/2017 75-10-204. 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: (1) the power is exercisable only at the powerholder’s death; and (2) the permissible appointees of the power are a defined and limited class that does […]
Section 205 – Rules of classification.
Effective 5/9/2017 75-10-205. Rules of classification. (1) In this section, “adverse party” means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of […]
Section 206 – Donor’s power to revoke or amend.
Effective 5/9/2017 75-10-206. Donor’s power to revoke or amend. A donor may revoke or amend a power of appointment unless or to the extent the instrument creating the power is made irrevocable by the donor or the exercise of a presently exercisable power has been irrevocably made or effected. Enacted by Chapter 125, 2017 General […]
Section 301 – Requisites for exercise of power of appointment.
Effective 5/9/2017 75-10-301. Requisites for exercise of power of appointment. A power of appointment is exercised only: (1) if the instrument exercising the power is valid under applicable law; (2) if the terms of the instrument exercising the power: (a) manifest the powerholder’s intent to exercise the power; and (b) satisfy the requirements of exercise, […]
Section 302 – Intent to exercise — Determining intent from residuary clause.
Effective 5/9/2017 75-10-302. Intent to exercise — Determining intent from residuary clause. (1) As used in this section: (a) “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause. (b) “Will” includes a codicil and a testamentary instrument that revises another will. (2) A residuary clause in a powerholder’s […]
Section 303 – Intent to exercise — After-acquired power.
Effective 5/9/2017 75-10-303. Intent to exercise — After-acquired power. Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: (1) except as otherwise provided in Subsection (2), a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and (2) if the powerholder […]
Section 304 – Compliance with donor-imposed formal requirements.
Effective 5/9/2017 75-10-304. Compliance with donor-imposed formal requirements. (1) A powerholder’s compliance with formal requirements of appointment imposed by the donor is sufficient only if the powerholder substantially complies with the conditions, requirements, and formalities set forth in the power of appointment, including complying with all the requirements for making specific reference to the power, […]
Section 305 – Permissible appointment.
Effective 5/14/2019 75-10-305. Permissible appointment. (1) A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder’s own property. (2) A powerholder […]