556.120 Contracts of donees of powers to make appointments; remedies.
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556.120 Contracts of donees of powers to make appointments; remedies.
Sec. 10.
(1)Unless the creating instrument provides otherwise, the donee of a power, presently exercisable, can contract to make an appointment, if neither the contract nor the promised appointment confers a benefit upon a person who is not a permissible appointee under the power.
(2)Unless the creating instrument provides otherwise, the donee of a power not presently exercisable cannot contract to make an appointment. If the donee cannot contract to make an appointment, but nevertheless does so contract, the promisee cannot obtain either specific performance or damages, except that he can obtain damages equal to the value given by him for the promise.
History: 1967, Act 224, Eff. Nov. 2, 1967