502.80 COMMON LAW OF POWERS RETAINED, EXCEPT AS MODIFIED BY THIS CHAPTER. (a) The common law of powers remains in full force and effect and supplements the provisions of this chapter, unless explicitly modified or displaced by this chapter. (b) If any provision of this chapter differs or is inconsistent with any provision in chapter […]
502.81 DEFINITIONS. Subdivision 1. Application. The terms defined in this section apply to this chapter. Subd. 2. Appointee. “Appointee” means the person in whose favor a power of appointment is exercisable. Subd. 3. Appointive property. “Appointive property” means property which is the subject of a power of appointment. Subd. 4. Donee. “Donee” means the person […]
502.82 VARIETIES OF POWER. Subdivision 1. Powers of appointment and other powers. This chapter applies to powers of appointment. A power of appointment, as the term is used in this chapter, is an authority created or reserved by a donor having property subject to the donor’s disposition, enabling the donee to designate, within the limits […]
502.83 RULES FOR CREATION OF A POWER OF APPOINTMENT. The donor of a power of appointment: (1) must be a person capable of transferring the appointive property; (2) must have created or reserved the power by a written instrument executed by the donor in the manner required by law; (3) must manifest the donor’s intention […]
502.84 EXTENT OF DONEE’S AUTHORITY TO APPOINT OR CONTRACT TO APPOINT AN ESTATE IN APPOINTIVE PROPERTY. Subdivision 1. Scope of the authority of the donee. The scope of the donee’s authority as to appointees and as to the time and manner of the appointment is unlimited except as the donor manifests a contrary intention. Subd. […]
502.85 EXERCISE OF A POWER OF APPOINTMENT. Subdivision 1. Manifestation of intention of donee. (a) Subject to paragraph (b), an effective exercise of a power of appointment does not require an express reference to the power. A power is effectively exercised if the donee manifests the donee’s intention to exercise the power. A manifestation of […]
502.851 TRUST DECANTING. Subdivision 1. Definitions. (a) The definitions in this subdivision apply to this section. (b) “Appointed trust” means an irrevocable trust which receives principal from an invaded trust under subdivision 3 or 4, including another trust created by the settlor of the invaded trust, under the terms of the invaded trust or any […]
502.86 RIGHTS OF CREDITORS IN APPOINTIVE PROPERTY. Subdivision 1. Special power. Property that is covered by either a special power of appointment or a general power of appointment that is exercisable solely for the support, maintenance, health, and education of the donee within the meaning of sections 2041 and 2514 of the Internal Revenue Code […]
502.87 REVOCATION AND RELEASE OF A POWER OF APPOINTMENT. Subdivision 1. Revocability of a power of appointment. (a) A power of appointment is irrevocable unless the donor reserves the right to revoke it. (b) An exercise of power of appointment is irrevocable whenever: (1) the donor of a special power manifests an intent that the […]
502.88 RULE AGAINST PERPETUITIES AND ACCUMULATIONS AS AFFECTED BY POWERS OF APPOINTMENT. Subdivision 1. Scope. Notwithstanding any provision of this section to the contrary, nothing in this section shall be construed, applied, or interpreted to be inconsistent with chapter 501A. Subd. 2. Time at which permissible period begins. (a) If an estate is created by […]
