75-10-406.  Power to contract — Power of appointment not presently exercisable.
     A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder:

(1)  is also the donor of the power; and

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Terms Used In Utah Code 75-10-406

  • 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
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(2)  has reserved the power in a revocable trust.

Enacted by Chapter 125, 2017 General Session

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