A powerholder's substantial compliance with a formal requirement of appointment imposed in a governing instrument by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if:
A. the powerholder knows of and intends to exercise the power; and
B. the powerholder's manner of attempted exercise does not impair a material purpose of the donor in imposing the requirement.
History: 1978 Comp., § 45-2-704, enacted by Laws 2019, ch. 221, § 2.
ANNOTATIONSRepeals. — Laws 2016, ch. 69, § 724 repealed 45-2-704 NMSA 1978, as enacted by Laws 1993, ch. 174, § 52, relating to power of appointment, compliance with specific reference requirement, effective January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.