Montana Code 72-7-205. Rules of classification
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72-7-205. Rules of classification. (1) In this section, “adverse party” means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder‘s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate.
Terms Used In Montana Code 72-7-205
- Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Montana Code 72-7-102
- 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 Montana Code 72-7-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Montana Code 72-7-102
- Property: means real and personal property. See Montana Code 1-1-205
(2)If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
(3)If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.