Nebraska Statutes 30-4633. Creditor claim: General power not created by powerholder
(a) Except as otherwise provided in subsection (b) of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of:
Terms Used In Nebraska Statutes 30-4633
- Decedent: A deceased person.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
(1) the powerholder, to the extent the powerholder’s property is insufficient, if the power is presently exercisable; and
(2) the powerholder’s estate, to the extent the estate is insufficient, subject to the right of a decedent to direct the source from which liabilities are paid.
(b) Subject to subsection (c) of section 30-4635, a power of appointment created by a person other than the powerholder which is subject to an ascertainable standard relating to an individual’s health, education, support, or maintenance within the meaning of 26 U.S.C. § 2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), as such sections existed on January 1, 2021, is treated for purposes of the Uniform Powers of Appointment Act as a nongeneral power.