75A-4-502. Creditor claim -- Power not created by powerholder.
160 words·~1 min read·
/ut/title-75a/chapter-4/75a-4-502A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 9/1/2024
75A-4-502. Creditor claim -- Power not created by powerholder.
(a)The property subject to a general or a nongeneral power of appointment not created by the powerholder, including a presently exercisable general or nongeneral power of appointment, is exempt from a claim of a creditor of the powerholder or the powerholder's estate.
(b)The powerholder of such a power may not be compelled to exercise the power and the powerholder's creditors may not acquire the power, any rights thereto, or reach the trust property or beneficial interests by any other means.
(c)A court may not exercise or require the powerholder to exercise the power of appointment.
(2)As set forth in Section 75A-4-103 , the law of the donor's domicile at the time of creation shall govern claims of creditors and other parties claiming an interest in property or rights subject to a power of appointment.
Renumbered and Amended by Chapter 364 , 2024 General Session