Disposition of unappointed property under released or unexercised nongeneral power.

  1. Law
  2. Colorado Revised Statutes
  3. Probate, Trusts, And Fiduciaries
  4. Uniform Powers of Appointment Act
  5. Disposition of unappointed property under released or unexercised nongeneral power.

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(1) To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

  1. The gift-in-default clause controls the disposition of the unappointed property; or

  2. If there is no gift-in-default clause, or to the extent the clause is ineffective, theunappointed property:

(I) Passes to the permissible appointees if:

  1. The permissible appointees are defined and limited; and

  2. The terms of the instrument creating the power do not manifest a contrary intent; or

(II) If there is no taker under subparagraph (I) of this paragraph (b), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 779, § 1, effective July 1, 2015.


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