Nebraska Statutes 30-4619. Capture doctrine: Disposition of ineffectively appointed property under general power
To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment:
Terms Used In Nebraska Statutes 30-4619
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(1) the gift in default clause controls the disposition of the ineffectively appointed property; or
(2) if there is no gift in default clause or to the extent the clause is ineffective, the ineffectively appointed property:
(A) passes to:
(i) the powerholder if the powerholder is a permissible appointee and living; or
(ii) if the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; or
(B) if there is no taker under subdivision (A) of this subdivision, passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.