Effective 5/8/2018 75-10-201. Creation of power of appointment. (1) A power of appointment is created only if: (a) the instrument creating the power is valid under applicable law; and (b) the terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power of appointment over the appointive property […]
Effective 5/9/2017 75-10-202. Nontransferability. A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. Enacted by Chapter 125, 2017 General Session
Effective 5/9/2017 75-10-203. Presumption of unlimited authority. Subject to Section 75-10-205, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: (1) presently exercisable; (2) exclusionary; and (3) except as otherwise provided in Section 75-10-204, general. Enacted by Chapter 125, 2017 General Session
Effective 5/9/2017 75-10-204. Exception to presumption of unlimited authority. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: (1) the power is exercisable only at the powerholder’s death; and (2) the permissible appointees of the power are a defined and limited class that does […]
Effective 5/9/2017 75-10-205. Rules of classification. (1) In this section, “adverse party” means a person with a substantial beneficial interest in property that 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 […]
Effective 5/9/2017 75-10-206. Donor’s power to revoke or amend. A donor may revoke or amend a power of appointment unless or to the extent the instrument creating the power is made irrevocable by the donor or the exercise of a presently exercisable power has been irrevocably made or effected. Enacted by Chapter 125, 2017 General […]
