Montana Code 72-7-405. Power to contract — presently exercisable power of appointment
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72-7-405. Power to contract — presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract:
Terms Used In Montana Code 72-7-405
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Montana Code 72-7-102
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Presently exercisable power of appointment: means a power of appointment exercisable by the powerholder at the relevant time. See Montana Code 72-7-102
(1)not to exercise the power; or
(2)to exercise the power if the contract when made does not confer a benefit on an impermissible appointee.