In this article:
"Appointee" means a person to whom a powerholder makes an appointment of appointive property.
"Appointive property" means property or property interest subject to a power of appointment.
"Blanket-exercise clause" means a clause in an instrument, which clause exercises apower of appointment and is not a specific-exercise clause. The term includes a clause that:
Expressly uses the words "any power" in exercising any power of appointment thepowerholder has;
Expressly uses the words "any property" in appointing any property over which thepowerholder has a power of appointment; or
Disposes of all property subject to disposition by the powerholder.
"Donor" means a person who creates a power of appointment.
"Exclusionary power of appointment" means a power of appointment exercisable infavor of any one or more of the permissible appointees to the exclusion of the other permissible appointees.
"General power of appointment" means a power of appointment exercisable in favorof the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.
"Gift-in-default clause" means a clause identifying a taker in default of appointment.
"Impermissible appointee" means a person who is not a permissible appointee.
"Instrument" means a record.
"Nongeneral power of appointment" means a power of appointment that is not ageneral power of appointment.
"Permissible appointee" means a person in whose favor a powerholder may exercisea power of appointment.
"Person" means an individual; estate; trust; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity.
"Powerholder" means a person in whom a donor creates a power of appointment.
"Power of appointment" means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.
"Presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time. The term:
(a) Includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time only after:
The occurrence of the specified event;
The satisfaction of the ascertainable standard; or
The passage of the specified time; and
(b) Does not include a power exercisable only at the powerholder's death.
"Record" means information that is inscribed on a tangible medium or that is storedin an electronic or other medium and is retrievable in perceivable form.
"Specific-exercise clause" means a clause in an instrument, which clause specifically refers to and exercises a particular power of appointment.
"Taker in default of appointment" means a person who takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment.
"Terms of the instrument" means the manifestation of the intent of the maker of theinstrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding.
Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 772, § 1, effective July 1, 2015.