Nebraska Statutes 30-4602. Definitions
In the Uniform Powers of Appointment Act:
Terms Used In Nebraska Statutes 30-4602
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Donor: The person who makes a gift.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(1) Appointee means a person to which a powerholder makes an appointment of appointive property.
(2) Appointive property means the property or property interest subject to a power of appointment.
(3) Blanket exercise clause means a clause in an instrument which exercises a power of appointment and is not a specific exercise clause. The term includes a clause that:
(A) expressly uses the words “any power” in exercising any power of appointment the powerholder has;
(B) expressly uses the words “any property” in appointing any property over which the powerholder has a power of appointment; or
(C) disposes of all property subject to disposition by the powerholder.
(4) Donor means a person that creates a power of appointment.
(5) Exclusionary power of appointment means a power of appointment exercisable in favor of any one or more of the permissible appointees to the exclusion of the other permissible appointees.
(6) General power of appointment means a power of appointment exercisable in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate.
(7) Gift in default clause means a clause identifying a taker in default of appointment.
(8) Impermissible appointee means a person that is not a permissible appointee.
(9) Instrument means a record.
(10) Nongeneral power of appointment means a power of appointment that is not a general power of appointment.
(11) Permissible appointee means a person in whose favor a powerholder may exercise a power of appointment.
(12) Person means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity.
(13) Power of appointment means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.
(14) Powerholder means a person in which a donor creates a power of appointment.
(15) Presently exercisable power of appointment means a power of appointment exercisable by the powerholder at the relevant time. The term:
(A) includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time only after:
(i) the occurrence of the specified event;
(ii) the satisfaction of the ascertainable standard; or
(iii) the passage of the specified time; and
(B) does not include a power exercisable only at the powerholder’s death.
(16) Record means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(17) Specific exercise clause means a clause in an instrument which specifically refers to and exercises a particular power of appointment.
(18) Taker in default of appointment means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment.
(19) Terms of the instrument means the manifestation of the intent of the maker of the instrument regarding the instrument’s provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding.