§ 31D-3-303. Intent to exercise after-acquired power.
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§ 31D-3-303. Intent to exercise after-acquired power.
Unless the terms of an instrument exercising a power of appointment manifest a contrary intent:
(1)If the power holder is not also the donor of the power, a blanket-exercise clause in the instrument extends to a power acquired by the power holder after executing the instrument containing the clause.
(2)If the power holder is also the donor of the power, the blanket-exercise clause extends to the power acquired by the power holder after executing the instrument only if there is no gift-in-default clause or the gift-in-default clause is ineffective. The blanket-exercise clause does not extend to the power if there is a gift-in-default clause that is effective. (2015-205, s. 3(a).)