As provided by the Uniform Disclaimer of Property Interests Act [45-2-1101 to 45-2-1116 NMSA 1978]: A. a powerholder may disclaim all or part of a power of appointment; and B. a permissible appointee, appointee or taker in default of appointment may disclaim all or part of an interest in appointive property. History: Laws 2016, ch. […]
A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release. History: Laws 2016, ch. 69, § 402. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 […]
A powerholder of a releasable power of appointment may release the power in whole or in part: A. by substantial compliance with a method provided in the terms of the instrument creating the power; or B. if the terms of the instrument creating the power do not provide a method or the method provided in […]
A powerholder may revoke or amend a release of a power of appointment only to the extent that: A. the instrument of release is revocable by the powerholder; or B. the powerholder reserves a power of revocation or amendment in the instrument of release. History: Laws 2016, ch. 69, § 404. ANNOTATIONS Effective dates. — […]
A powerholder of a presently exercisable power of appointment may contract: A. not to exercise the power; or B. to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. History: Laws 2016, ch. 69, § 405. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made […]
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: A. is also the donor of the power; and B. has reserved the power in a revocable trust. History: Laws 2016, ch. 69, § 406. ANNOTATIONS Effective dates. — […]
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. History: Laws 2016, ch. 69, § 407. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, […]
