Section 456.1100

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 28 Aug 2016   

  456.1100.  Creditor claim — general power created by powerholder. — 1.  As used in this section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer.

  2.  Appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of the powerholder or of the powerholder's estate to the extent provided in chapter 428.

  3.  Subject to subsection 2 of this section, appointive property subject to a general power of appointment created by the powerholder is not subject to a claim of a creditor of the powerholder or the powerholder's estate:

  (1)  To the extent the powerholder irrevocably appointed the property in favor of a person other than the powerholder or the powerholder's estate; and

  (2)  If the power is not presently exercisable.

  4.  Subject to subdivision (1) of subsection 3 of this section, and notwithstanding the presence of a spendthrift provision or whether the claim arose before or after the creation of the power of appointment, appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of the powerholder to the same extent as if the powerholder owned the appointive property, if the power is presently exercisable.

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(L. 2016 H.B. 1765)