Nebraska § 30-4621 Disposition of unappointed property under released or unexercised nongeneral power

Nebraska Statutes

§ 30-4621 — Disposition of unappointed property under released or unexercised nongeneral power

Nebraska·Ch. 30 Decedents' Estates; Protection of Persons and Property

To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

(1)the gift in default clause controls the disposition of the unappointed property; or

(2)if there is no gift in default clause or to the extent the clause is ineffective, the unappointed property:

(A)passes to the permissible appointees if:

(i)the permissible appointees are defined and limited; and

(ii)the terms of the instrument creating the power do not manifest a contrary intent; or

(B)if there is no taker under subdivision (A) of this subdivision, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

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To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
(1) the gift in default clause controls the disposition of the unappointed property; or
(2) if there is no gift in default clause or to the extent the clause is ineffective, the unappointed property:
(A) passes to the permissible appointees if:
(i) the permissible appointees are defined and limited; and
(ii) the terms of the instrument creating the power do not manifest a contrary intent; or
(B) if there is no taker under subdivision (A) of this subdivision, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

Nebraska § 30-4621 (Disposition of unappointed property under released or unexercised nongeneral power) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.