Utah Code 75-10-312. Disposition of unappointed property if partial appointment to taker in default
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Terms Used In Utah Code 75-10-312
- Instrument: means a record. See Utah Code 75-10-102
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an interest in, or another power of appointment over, the appointive property. 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. See Utah Code 68-3-12.5
- Taker in default of appointment: means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. See Utah Code 75-10-102
75-10-312. Disposition of unappointed property if partial appointment to taker in default.
Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property.
Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property.
Enacted by Chapter 125, 2017 General Session