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:
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 is ineffective, the unappointed property:
- (a) passes to the permissible appointees if:
- (i) the permissible appointees are defined and limited; and
- (ii) the terms of the instrument creating the power do not manifest a contrary intent; or
- (b) if there is no taker under Subsection (2)(a), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
- (a) passes to the permissible appointees if:
Enacted by Chapter 125, 2017 General Session