75A-4-309. Capture doctrine -- Disposition of ineffectively appointed property under general power.
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Effective 9/1/2024
75A-4-309. Capture doctrine -- Disposition of ineffectively appointed property under general power.
To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment:
(1)the gift-in-default clause controls the disposition of the ineffectively appointed property; or
(2)if there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property:
(a)passes to:
(i)the powerholder if the powerholder is a permissible appointee and is living; or
(ii)if the powerholder is an impermissible appointee or is deceased, the powerholder's estate if the estate is a permissible appointee; or
(b)if there is no taker under Subsection (2)(a), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.
Renumbered and Amended by Chapter 364 , 2024 General Session