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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

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  456.1060.  Disposition of unappointed property under released or unexercised general power. — To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust, and except as provided in subsection 3 of section 456.995:

  (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 paragraph (b) of this subdivision, the unappointed property passes to:

  a.  The powerholder if the powerholder is a permissible appointee and living; or

  b.  If the powerholder is an impermissible appointee or 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 paragraph (a) of this subdivision, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

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(L. 2016 H.B. 1765)


---- end of effective   28 Aug 2016 ----

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