Truly Agreed, 2016


View proposed language

SS HCS HB 1765, 2016    (New Section - as Truly Agreed)    

456.1005. 1. As used in this section, "adverse party" means a person with a substantial beneficial interest in property which 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.
     2. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
     3. If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.


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