A power of appointment is created only if: The instrument creating the power: Is valid under applicable law; and Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and The terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power of appointment […]
A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015. OFFICIAL COMMENT A power of appointment is nontransferable. The powerholder may not transfer the power […]
Subject to section 15-2.5-205, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: Presently exercisable; Exclusionary; and Except as otherwise provided in section 15-2.5-204, general. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015. OFFICIAL COMMENT […]
Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: The power is exercisable only at the powerholder’s death; and The permissible appointees of the power are a defined and limited class that does not include the powerholder’s estate, the powerholder’s creditors, or the creditors […]
In this section, “adverse party” means a person with a substantial beneficial interest in property, which interest would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate. If a powerholder […]
A donor may revoke or amend a power of appointment only to the extent that: The instrument creating the power is revocable by the donor; or The donor reserves a power of revocation or amendment in the instrument creating the power of appointment. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 776, […]
