72-7-311. Disposition of unappointed property under released or unexercised nongeneral power.
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/mt/title-72/chapter-7/part-3/72-7-311·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
72-7-311 . Disposition of unappointed property under released or unexercised 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:
(i)the permissible appointees are defined and limited; and
(ii)the terms of the instrument creating the power do not manifest a contrary intent; or
(b)if there is no taker under subsection (2)(a), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.