30-4620. Disposition of unappointed property under released or unexercised general power.
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/ne/chapter-30/30-4620A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust:
(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:
(A)except as otherwise provided in subdivision
(B)of this subdivision, the unappointed property passes to:
(i)the powerholder if the powerholder is a permissible appointee and living; or
(ii)if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or
(B)to the extent the powerholder released the power, or if there is no taker under subdivision
(A)of this subdivision, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.