75A-4-103. Governing law.
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Effective 9/1/2024
75A-4-103. Governing law.
(1)Unless the terms of the instrument creating a power of appointment manifest a contrary intent:
(a)the creation, revocation, amendment, interpretation and definition of terms, or the determination of the rights of the appointee of the power is governed by the law of the donor's domicile at the relevant time; and
(b)the formalities for the exercise, release, or disclaimer of the power, or the revocation or amendment of the exercise, release, or disclaimer of the power is governed by the law of the powerholder's state of domicile at the relevant time.
(2)The law of the powerholder's state of domicile may not govern the interpretation and definition of terms, or the determination of the rights of the appointee of the power, which shall be governed by the law of the donor's domicile at the relevant time.
(3)Claims of creditors, including creditor claims regarding a power not created by a powerholder as set forth in Section 75A-4-502 , and other parties claiming an interest in property or rights subject to a power will be governed by the laws of the donor's domicile at the time of the creation of the power and not the powerholder's state of domicile either at the time of the creation of the power or at the time of exercise of the power.
Renumbered and Amended by Chapter 364 , 2024 General Session