Disposition of unappointed property under released or unexercised general power.
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(1) the gift-in-default clause controls the disposition of the unappointed property; or
(2) if there is no gift-in-default clause or to the extent the clause is ineffective:
(a) except as otherwise provided in Subsection (2)(b), the unappointed property passes to:
(i) the powerholder if the powerholder is a permissible appointee and is living; or
(ii) if the powerholder is an impermissible appointee or is deceased, the powerholder's estate if the estate is a permissible appointee; or
(b) to the extent the powerholder released the power, or if there is no taker under Subsection (2)(a), the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.