A power of appointment is exercised only:

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A. if the instrument exercising the power is valid under applicable law; and

B. if the terms of the instrument exercising the power:

(1)     manifest the powerholder’s intent to exercise the power; and

(2)     subject to Section 304 [46-11-304 N.M. Stat. Ann.] of the Uniform Powers of Appointment Act, satisfy the requirements of exercise, if any, imposed by the donor; and

C. to the extent the appointment is a permissible exercise of the power.