Exception to presumption of unlimited authority.

1. Law
2. New Mexico Statutes
3. Fiduciaries and Trusts
4. Uniform Powers of Appointment
5. CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT
6. Exception to presumption of unlimited authority.

Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:

A. the power is exercisable only at the powerholder's death; and

B. the permissible appointees of the power are a defined and limited class that does not include the powerholder's estate, the powerholder's creditors or the creditors of the powerholder's estate.

History: Laws 2016, ch. 69, § 204.

ANNOTATIONS

Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.

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