Effective 5/9/2017 75-10-401. Disclaimer. As provided by Section 75-2-801: (1) A powerholder may disclaim all or part of a power of appointment. (2) A permissible appointee, an appointee, or a taker in default of appointment may disclaim all or part of an interest in appointive property. Enacted by Chapter 125, 2017 General Session
Effective 5/9/2017 75-10-402. Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release. Enacted by Chapter 125, 2017 General Session
Effective 5/9/2017 75-10-403. Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part: (1) by substantial compliance with a method provided in the terms of the instrument creating the power; or (2) if the terms of the instrument creating the power do not provide a […]
Effective 5/9/2017 75-10-404. Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that: (1) the instrument of release is revocable by the powerholder; or (2) the powerholder reserves a power of revocation or amendment in the instrument of release. Enacted by Chapter […]
Effective 5/9/2017 75-10-405. Power to contract — Presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract: (1) not to exercise the power; or (2) to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. Enacted by Chapter 125, 2017 General […]
Effective 5/9/2017 75-10-406. Power to contract — Power of appointment not presently exercisable. 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: (1) is also the donor of the power; and (2) has reserved the power in a […]
Effective 5/9/2017 75-10-407. Remedy for breach of contract to appoint or not to appoint. 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. Enacted by Chapter 125, 2017 General […]
