Utah Code 75-10-311. 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:
(1) the gift-in-default clause controls the disposition of the unappointed property; or
Terms Used In Utah Code 75-10-311
- Donor: The person who makes a gift.
- Donor: means a person that creates a power of appointment. See Utah Code 75-10-102
- Gift-in-default clause: means a clause identifying a taker in default of appointment. See Utah Code 75-10-102
- Instrument: means a record. See Utah Code 75-10-102
- Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Utah Code 75-10-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Utah Code 75-10-102
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
(2) if there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:
(2)(a) passes to the permissible appointees if:
(2)(a)(i) the permissible appointees are defined and limited; and
(2)(a)(ii) the terms of the instrument creating the power do not manifest a contrary intent; or
(2)(b) if there is no taker under Subsection (2)(a), passes under a reversionary interest to the donor or the donor‘s transferee or successor in interest.