New Mexico § 46-11-205 Rules of classification

New Mexico Statutes

§ 46-11-205 — Rules of classification

New Mexico·Ch. 46 Fiduciaries and Trusts·Art. 2 CREATION, REVOCATION AND AMENDMENT OF

A.As used in this section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder or a creditor of the powerholder's estate.

B.If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.

C.If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.

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A. As used in this section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder or a creditor of the powerholder's estate. B. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral. C. If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.

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