New Mexico Statutes 46-11-311. Disposition of unappointed property under released or unexercised nongeneral power
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To the extent a powerholder releases, ineffectively exercises or fails to exercise a nongeneral power of appointment:
Terms Used In New Mexico Statutes 46-11-311
- Donor: The person who makes a gift.
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 that the clause is ineffective, the unappointed property:
(1) passes to the permissible appointees if:
(a) the permissible appointees are defined and limited; and
intent; or
(b) the terms of the instrument creating the power do not manifest a contrary (2) if there is no taker under Paragraph (1) of this subsection, passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.