Utah § 75A-4-311 Disposition of unappointed property under released or unexercised nongeneral power.

Utah Statutes

§ 75A-4-311 — Disposition of unappointed property under released or unexercised nongeneral power.

Utah·Title 75A Fiduciaries·Ch. 75A-4 Uniform Powers of Appointment Act·Part 75A-4-3 Exercise of Power of Appointment

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:

(2)(a) passes to the permissible appointees if:

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

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

(2)(b) if there is no taker under Subsection (2)(a), 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:
(2)(a) passes to the permissible appointees if:
(2)(a)(i) the permissible appointees are defined and limited; and
(2)(a)(ii) the terms of the instrument creating the power do not manifest a contrary intent; or
(2)(b) if there is no taker under Subsection (2)(a), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

Utah § 75A-4-311 (Disposition of unappointed property under released or unexercised nongeneral power.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.