Utah Code 75-10-405. Power to contract — Presently exercisable power of appointment
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A powerholder of a presently exercisable power of appointment may contract:
(1) not to exercise the power; or
Terms Used In Utah Code 75-10-405
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Utah Code 75-10-102
- Contract: A legal written agreement that becomes binding when signed.
- 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
(2) to exercise the power if the contract when made does not confer a benefit on an impermissible appointee.