3B:11-4. Effect to be given consent by holders of general powers of appointment upon beneficiaries
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/nj/title-3b/chapter-11/3b-11-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of granting consent or approval with regard to the acts or accounts of a fiduciary or trustee, including relief from liability or penalty for failure to post bond, or to perform other duties, and for purposes of consenting to modification or termination of a trust or to deviation from its terms, the sole holder or all coholders of a presently exercisable general power of appointment, including one in the form of a power of amendment or revocation, are deemed to act for beneficiaries to the extent that the interests of the beneficiaries as objects, takers in default, or otherwise are subject to the power.
As used in this section, a presently exercisable general power of appointment is one which enables the power holder to presently draw absolute ownership to himself.
L.1981, c. 405, s. 3B:11-4, eff. May 1, 1982.