North Carolina General Statutes 31D-4-406. Power to contract; power of appointment not presently exercisable
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A power holder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the power holder both:
(1) Is also the donor of the power.
(2) Has reserved the power in a revocable trust. ?(2015-205, s. 3(a).)
Terms Used In North Carolina General Statutes 31D-4-406
- Contract: A legal written agreement that becomes binding when signed.
- Donor: The person who makes a gift.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).