Terms Used In Montana Code > Title 72 > Chapter 7 > Part 5 - Rights of Powerholder's Creditors in Appointive Property

• Appointive property: means the property or property interest subject to a power of appointment. See Montana Code 72-7-102
• Decedent: A deceased person.
• 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.
• 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
• 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
• Powerholder: means a person in whom a donor creates a power of appointment. See Montana Code 72-7-102
• Property: means real and personal property. See Montana Code 1-1-205