Intent to exercise; after-acquired power.

1. Law
2. New Mexico Statutes
3. Fiduciaries and Trusts
4. Uniform Powers of Appointment
5. EXERCISE OF POWER OF APPOINTMENT
6. Intent to exercise; after-acquired power.

Unless the terms of the instrument exercising a power of appointment manifest a contrary intent:

A. except as otherwise provided in Subsection B of this section, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and

B. if the powerholder is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or the gift-in-default clause is ineffective.

History: Laws 2016, ch. 69, § 303.

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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