A. Except as otherwise provided in Subsection B of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of:
(1) the powerholder, to the extent that the powerholder's property is insufficient, if the power is presently exercisable; and
(2) the powerholder's estate, to the extent that the estate is insufficient, subject to the right of a decedent to direct the source from which liabilities are paid.
B. Subject to Subsection C of Section 504 [46-11-504 NMSA 1978] of the Uniform Powers of Appointment Act, a power of appointment created by a person other than the powerholder that is subject to an ascertainable standard relating to an individual's health, education, support or maintenance within the meaning of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended, is treated for purposes of this article as a nongeneral power.
History: Laws 2016, ch. 69, § 502.
ANNOTATIONSEffective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.