Terms Used In Montana Code > Title 72 > Chapter 7 - Uniform Powers of Appointment Act

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appointee: means a person to which a powerholder makes an appointment of appointive property. See Montana Code 72-7-102
• Appointive property: means the property or property interest subject to a power of appointment. See Montana Code 72-7-102
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Blanket-exercise clause: means a clause in an instrument that exercises a power of appointment and is not a specific-exercise clause. See Montana Code 72-7-102
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Donor: The person who makes a gift.
• Donor: means a person who creates a power of appointment. See Montana Code 72-7-102
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fraud: Intentional deception resulting in injury to another.
• General power of appointment: means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Montana Code 72-7-102
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gift-in-default clause: means a clause identifying a taker in default of appointment. See Montana Code 72-7-102
• Impermissible appointee: means a person who is not a permissible appointee. See Montana Code 72-7-102
• Instrument: means a writing. See Montana Code 72-7-102
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Montana Code 72-7-102
• Permissible appointee: means a person in whose favor a powerholder may exercise a power of appointment. See Montana Code 72-7-102
• Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Montana Code 72-7-102
• Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Montana Code 72-7-102
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Powerholder: means a person in whom a donor creates a power of appointment. See Montana Code 72-7-102
• Presently exercisable power of appointment: means a power of appointment exercisable by the powerholder at the relevant time. See Montana Code 72-7-102
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: means real and personal property. See Montana Code 1-1-205
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Specific-exercise clause: means a clause in an instrument that specifically refers to and exercises a particular power of appointment. See Montana Code 72-7-102
• Taker in default of appointment: means a person who takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. See Montana Code 72-7-102
• Terms of the instrument: means the manifestation of the intent of the maker of the instrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. See Montana Code 72-7-102