Kentucky Statutes 390.080 – Exception to presumption of unlimited authority
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Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:
(1) The power is exercisable only at the powerholder‘s death; and
(2) The permissible appointees of the power are a defined and limited class that does not include the powerholder’s estate, the powerholder’s creditors, or the creditors of the powerholder’s estate.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 7, effective July 15, 2020.
(1) The power is exercisable only at the powerholder‘s death; and
Terms Used In Kentucky Statutes 390.080
- Instrument: means a writing. See Kentucky Statutes 390.020
- 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. See Kentucky Statutes 390.020
- Powerholder: means a person in whom a donor creates a power of appointment. See Kentucky Statutes 390.020
(2) The permissible appointees of the power are a defined and limited class that does not include the powerholder’s estate, the powerholder’s creditors, or the creditors of the powerholder’s estate.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 7, effective July 15, 2020.