Rules of classification - definitions.

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(1) In this section, "adverse party" means a person with a substantial beneficial interest in property, which interest would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.

  1. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.

  2. If the permissible appointees of a power of appointment are not defined and limited,the power is exclusionary.

Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015.


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