30-4621. Disposition of unappointed property under released or unexercised nongeneral power.

111 words·~1 min read·/ne/chapter-30/30-4621

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

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 subdivision

(A)of this subdivision, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.