Section 456.1065

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 28 Aug 2016   

  456.1065.  Disposition of unappointed property under released or unexercised nongeneral power. — To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

  (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, the unappointed property:

  (a)  Passes to the permissible appointees if:

  a.  The permissible appointees are defined and limited; and

  b.  The terms of the instrument creating the power do not manifest a contrary intent; or

  (b)  If there is no taker under paragraph (a) of this subdivision, 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)