Utah Code 75-10-313. Appointment to taker in default
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Terms Used In Utah Code 75-10-313
- Appointee: means a person to which a powerholder makes an appointment of appointive property. 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
- 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
75-10-313. Appointment to taker in default.
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is considered not to have been exercised and the appointee takes under the clause.
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is considered not to have been exercised and the appointee takes under the clause.
Enacted by Chapter 125, 2017 General Session