(1) A power of appointment is created only if:
(a) The instrument creating the power:
Is valid under applicable law; and
Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and
(b) The terms of the instrument creating the power manifest the donor's intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.
Subparagraph (II) of paragraph (a) of subsection (1) of this section does not apply tothe creation of a power of appointment by the exercise of a power of appointment.
A power of appointment may not be created in a deceased individual.
Subject to an applicable rule against perpetuities, a power of appointment may becreated in an unborn or unascertained powerholder.
Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 774, § 1, effective July 1, 2015. L. 2015: (1)(a)(II) amended, (SB 15-264), ch. 259, p. 951, § 37, effective August 5.