To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust:

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A. the gift-in-default clause controls the disposition of the unappointed property; or

B. if there is no gift-in-default clause or to the extent the clause is ineffective: (1)     except as otherwise provided in Paragraph (2) of this subsection, the unappointed property passes to:

living; or

(a) the powerholder if the powerholder is a permissible appointee and is (b) if the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; or

(2)     to the extent the powerholder released the power, or if there is no taker under Paragraph (1) of this subsection, the unappointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.