Kentucky Statutes 390.350 – Creditor claim — Nongeneral power
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(1) Except as otherwise provided in subsection (2) of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.
(2) Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of KRS Chapter 378A.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 33, effective July 15, 2020.
(2) Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of KRS Chapter 378A.
Terms Used In Kentucky Statutes 390.350
- Appointive property: means the property or property interest subject to a power of appointment. See Kentucky Statutes 390.020
- Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. 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
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 33, effective July 15, 2020.