Section 403 – Method of release.
Effective 5/9/2017 75-10-403. Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part: (1) by substantial compliance with a method provided in the terms of the instrument creating the power; or (2) if the terms of the instrument creating the power do not provide a […]
Section 404 – Revocation or amendment of release.
Effective 5/9/2017 75-10-404. Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that: (1) the instrument of release is revocable by the powerholder; or (2) the powerholder reserves a power of revocation or amendment in the instrument of release. Enacted by Chapter […]
Section 405 – Power to contract — Presently exercisable power of appointment.
Effective 5/9/2017 75-10-405. Power to contract — Presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract: (1) not to exercise the power; or (2) to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. Enacted by Chapter 125, 2017 General […]
Section 406 – Power to contract — Power of appointment not presently exercisable.
Effective 5/9/2017 75-10-406. Power to contract — Power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: (1) is also the donor of the power; and (2) has reserved the power in a […]
Section 407 – Remedy for breach of contract to appoint or not to appoint.
Effective 5/9/2017 75-10-407. Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder’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. Enacted by Chapter 125, 2017 General […]
Section 501 – Creditor claim — General power created by powerholder.
Effective 5/9/2017 75-10-501. Creditor claim — General power created by powerholder. (1) In this section, “power of appointment created by the powerholder” includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer. (2) Appointive property subject to a general power of appointment created […]
Section 502 – Creditor claim — Power not created by powerholder.
Effective 5/9/2017 75-10-502. Creditor claim — Power not created by powerholder. (1) The property subject to a general or a nongeneral power of appointment not created by the powerholder, including a presently exercisable general or nongeneral power of appointment, is exempt from a claim of a creditor of the powerholder or the powerholder’s estate. The […]
Section 503 – Power to withdraw.
Effective 5/9/2017 75-10-503. Power to withdraw. (1) For purposes of this part, and except as otherwise provided in Subsection (2), a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the […]
Section 601 – Uniformity of application and construction.
Effective 5/9/2017 75-10-601. Uniformity of application and construction. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Enacted by Chapter 125, 2017 General Session
Section 602 – Relation to Electronic Signatures in Global and National Commerce Act.
Effective 5/9/2017 75-10-602. 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. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of […]