A. A power of appointment is created only if: (1)     the instrument creating the power:

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(a) is valid under applicable law; and

(b) except as otherwise provided in Subsection B of this section, transfers the appointive property; and

(2)     the terms of the instrument creating the power manifest the donor‘s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.

B. Subparagraph (b) of Paragraph (1) of Subsection A of this section does not apply to the creation of a power of appointment by the exercise of a power of appointment.

C. A power of appointment shall not be created in a deceased individual. D. Subject to the provisions of Section 45-2-901 N.M. Stat. Ann., a power of appointment may be created in an unborn or unascertained powerholder.