New Mexico § 46-11-309 Capture doctrine; disposition of ineffectively appointed

New Mexico Statutes

§ 46-11-309 — Capture doctrine; disposition of ineffectively appointed

New Mexico § 46-11-309

Ch. 46Fiduciaries and Trusts

Art. 3EXERCISE OF POWER OF APPOINTMENT

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Bluebook

N.M. Stat. Ann. § 46-11-309 (2026).

Text

property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment: A. the gift-in-default clause controls the disposition of the ineffectively appointed property; or B. if there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property:

(1)passes to:

(a)the powerholder if the powerholder is a permissible appointee and is living; or (b) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or (2) if there is no taker under Paragraph (1) of this subsection, passes under a reversionary interest to the donor or the donor's transferee or s

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property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment: A. the gift-in-default clause controls the disposition of the ineffectively appointed property; or B. if there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property: (1) passes to: (a) the powerholder if the powerholder is a permissible appointee and is living; or (b) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or (2) if there is no taker under Paragraph (1) of this subsection, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.