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 is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or the gift-in-default clause is ineffective.

Enacted by Chapter 125, 2017 General Session