In the absence of a requirement that a power of appointment be exercised by a reference or by an express or specific reference to the power, a general residuary clause in a will or a will making general disposition of all of the testator's property expresses an intention to exercise a power of appointment held by the testator only if:
A. the power is a general power exercisable in favor of the powerholder's estate and the creating instrument does not contain an effective gift if the power is not exercised; or
B. the testator's will manifests an intention to include the property subject to the power.
History: 1978 Comp., § 45-2-608, as enacted by Laws 2019, ch. 221, § 1.
ANNOTATIONSRepeals. — Laws 2016, ch. 69, § 724 repealed 45-2-608 NMSA 1978, as enacted by Laws 1976 (S.S.), ch. 37, § 5, relating to exercise of power of appointment, effective January 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com.
Effective dates. — Laws 2019, ch. 221, § 8 made Laws 2019, ch. 221 effective July 1, 2019.
Applicability. — Laws 2019, ch. 221, § 7, provided that the provisions of this act apply to:
A. a governing instrument created before, on or after July 1, 2019;
B. a judicial proceeding commenced on or after July 1, 2019; and
C. a judicial proceeding commenced before July 1, 2019, unless the court finds that application of a particular provision of this act would substantially interfere with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision does not apply and the previous law applies.