Minnesota Statutes 502.84 – Extent of Donee’s Authority to Appoint or Contract to Appoint an Estate in Appointive Property
Subdivision 1.Scope of the authority of the donee.
The scope of the donee‘s authority as to appointees and as to the time and manner of the appointment is unlimited except as the donor manifests a contrary intention.
Subd. 2.Contract to appoint; power presently exercisable.
Terms Used In Minnesota Statutes 502.84
- Appointee: means the person in whose favor a power of appointment is exercisable. See Minnesota Statutes 502.81
- Appointive property: means property which is the subject of a power of appointment. See Minnesota Statutes 502.81
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Donee: The recipient of a gift.
- Donee: means the person to whom a power is given or in whose favor a power is reserved. See Minnesota Statutes 502.81
- Donor: The person who makes a gift.
- Donor: means the person who creates or reserves a power. See Minnesota Statutes 502.81
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Power: means an authority to do any act in relation to property, including the creation or revocation of an estate therein or a charge thereon, that the donor of the power might do, except that the term, as used in this chapter, does not apply to a power of attorney to convey property in the name of the owner. See Minnesota Statutes 502.81
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
Terms Used In Minnesota Statutes 502.84
- Appointee: means the person in whose favor a power of appointment is exercisable. See Minnesota Statutes 502.81
- Appointive property: means property which is the subject of a power of appointment. See Minnesota Statutes 502.81
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Donee: The recipient of a gift.
- Donee: means the person to whom a power is given or in whose favor a power is reserved. See Minnesota Statutes 502.81
- Donor: The person who makes a gift.
- Donor: means the person who creates or reserves a power. See Minnesota Statutes 502.81
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Power: means an authority to do any act in relation to property, including the creation or revocation of an estate therein or a charge thereon, that the donor of the power might do, except that the term, as used in this chapter, does not apply to a power of attorney to convey property in the name of the owner. See Minnesota Statutes 502.81
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
The donee of a power of appointment which is presently exercisable, or of a postponed power which has become exercisable, can contract to make an appointment to the extent that the contract or the promised appointment does not confer a benefit upon a person who is not a permissible appointee under the power.
Subd. 3.Contract to appoint; power not presently exercisable.
(a) The donee of a power of appointment which is not presently exercisable, or of a postponed power which has not become exercisable, must not contract to make an appointment, except that this prohibition shall not apply if the donor and donee are the same person. A prohibited contract under this subdivision, if made, must not be the basis of an action for specific performance or damages, but the promisee may obtain restitution of the value given by the promisee for the promise unless the donee has exercised the power pursuant to the contract.
(b) The provisions of this section do not abridge the ability of the donee of a power of appointment, which is not presently exercisable, to release the power pursuant to section 502.87, subdivision 2, except that where the donor designated persons or a class to take in default of the donee’s exercise of the power, a release with respect to appointive property must serve to benefit all those so designated as provided by the donor.
Subd. 4.Priority.
With respect to real property subject to a power of appointment, the interest of a donee and any appointee has priority as against creditors, purchasers, or encumbrancers of the real property, or as against a person having an estate in the real property, only from the time at which the instrument creating the power is duly recorded, but only if the creditors, purchasers, encumbrancers, and estate holders act in good faith or without notice. As against all other persons, this interest has priority from the time at which the instrument creating the power takes effect.