390.210 Disposition of unappointed property under released or unexercised

109 words·~1 min read·/ky/390-210

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

(1)The gift-in-default clause controls the disposition of the unappointed property; or

(2)If there is no gift-in-default clause or to the extent the clause is ineffective, the

unappointed property:

(a)Passes to the permissible appointees if:

1. The permissible appointees are defined and limited; and

2. The terms of the instrument creating the power do not manifest a

contrary intent; or

(b)If there is no taker under paragraph

(a)of this subsection, passes under a

reversionary interest to the donor or the donor's transferee or successor in

interest.