Nebraska Statutes 30-4621. 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:
Terms Used In Nebraska Statutes 30-4621
- 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 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:
(i) the permissible appointees are defined and limited; and
(ii) the terms of the instrument creating the power do not manifest a contrary intent; 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.