Truly Agreed, 2016


View proposed language

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

456.1065. 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:
     a. The permissible appointees are defined and limited; and
     b. The terms of the instrument creating the power do not manifest a contrary intent; or
     (b) If there is no taker under paragraph (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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