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 […]
Section 306 – Appointment to deceased appointee or permissible appointee’s descendant.
Effective 5/9/2017 75-10-306. Appointment to deceased appointee or permissible appointee’s descendant. (1) Subject to Sections 75-2-603 and 75-2-604, an appointment to a deceased appointee is ineffective. (2) Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder of a nongeneral power may exercise the power in favor of, […]
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 […]