In this article:
(1)Appointee means a person to whom a powerholder makes an
appointment of appointive property.
(2)Appointive property means property or property interest subject to a
power of appointment.
(3)Blanket-exercise clause means a clause in an instrument, which clause
exercises a power of appointment and is not a specific-exercise clause. The term
includes a clause that:
(a)Expressly uses the words any power in exercising any power of
appointment the powerholder has;
(b)Expressly uses the words any property in appointing any property over
which the powerholder has a power of appointment; or
(c)Disposes of all property subject to disposition by the powerholder.
(4)Donor means a person who creates a power of appointment.
(5)Exclusionary power of appointment me
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In this article:
(1) Appointee means a person to whom a powerholder makes an
appointment of appointive property.
(2) Appointive property means property or property interest subject to a
power of appointment.
(3) Blanket-exercise clause means a clause in an instrument, which clause
exercises a power of appointment and is not a specific-exercise clause. The term
includes a clause that:
(a) Expressly uses the words any power in exercising any power of
appointment the powerholder has;
(b) Expressly uses the words any property in appointing any property over
which the powerholder has a power of appointment; or
(c) Disposes of all property subject to disposition by the powerholder.
(4) Donor means a person who creates a power of appointment.
(5) Exclusionary power of appointment means a power of appointment
exercisable in favor of any one or more of the permissible appointees to the
exclusion of the other permissible appointees.
(6) General power of appointment means a power of appointment
exercisable in favor of the powerholder, the powerholder's estate, a creditor of the
powerholder, or a creditor of the powerholder's estate.
(7) Gift-in-default clause means a clause identifying a taker in default of
appointment.
(8) Impermissible appointee means a person who is not a permissible
appointee.
(9) Instrument means a record.
(10) Nongeneral power of appointment means a power of appointment that
is not a general power of appointment.
(11) Permissible appointee means a person in whose favor a powerholder
may exercise a power of appointment.
(12) Person means an individual; estate; trust; business or nonprofit entity;
public corporation; government or governmental subdivision, agency, or
instrumentality; or other legal entity.
(13) Powerholder means a person in whom a donor creates a power of
appointment.
(14) Power of appointment means a power that enables a powerholder
acting in a nonfiduciary capacity to designate a recipient of an ownership interest in
or another power of appointment over the appointive property. The term does not
include a power of attorney.
(15) Presently exercisable power of appointment means a power of
appointment exercisable by the powerholder at the relevant time. The term:
(a) Includes a power of appointment not exercisable until the occurrence of a
specified event, the satisfaction of an ascertainable standard, or the passage of a
specified time only after:
(I) The occurrence of the specified event;
(II) The satisfaction of the ascertainable standard; or
(III) The passage of the specified time; and
(b) Does not include a power exercisable only at the powerholder's death.
(16) Record means information that is inscribed on a tangible medium or
that is stored in an electronic or other medium and is retrievable in perceivable
form.
(17) Specific-exercise clause means a clause in an instrument, which
clause specifically refers to and exercises a particular power of appointment.
(18) Taker in default of appointment means a person who takes all or part
of the appointive property to the extent the powerholder does not effectively
exercise the power of appointment.
(19) Terms of the instrument means the manifestation of the intent of the
maker of the instrument regarding the instrument's provisions as expressed in the
instrument or as may be established by other evidence that would be admissible in
a legal proceeding.