Section 312 – Disposition of unappointed property if partial appointment to taker in default.
Effective 5/9/2017 75-10-312. Disposition of unappointed property if partial appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully […]
Section 313 – Appointment to taker in default.
Effective 5/9/2017 75-10-313. Appointment to taker in default. If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is considered not to have been exercised and the appointee takes under […]
Section 314 – Powerholder’s authority to revoke or amend exercise.
Effective 5/9/2017 75-10-314. Powerholder’s authority to revoke or amend exercise. Unless the terms of the instrument creating the power of appointment or the instrument exercising the power of appointment provide that the exercise is irrevocable or unamendable, a powerholder may revoke or amend an exercise of a power of appointment made by an instrument effective […]
Section 307 – Impermissible appointment.
Effective 5/9/2017 75-10-307. Impermissible appointment. (1) Except as otherwise provided in Section 75-10-306, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. (2) An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent the appointment is a fraud on the power. […]
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 309 – Capture doctrine — Disposition of ineffectively appointed property under general power.
Effective 5/9/2017 75-10-309. Capture doctrine — Disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment: (1) the gift-in-default clause controls the disposition of the ineffectively appointed property; or […]
Section 310 – Disposition of unappointed property under released or unexercised general power.
Effective 5/9/2017 75-10-310. Disposition of unappointed property under released or unexercised general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust: (1) the gift-in-default clause controls the disposition of the unappointed property; or (2) if […]
Section 311 – Disposition of unappointed property under released or unexercised nongeneral power.
Effective 5/9/2017 75-10-311. Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (1) the gift-in-default clause controls the disposition of the unappointed property; or (2) if there is no gift-in-default clause or to the extent the clause […]
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 […]