Montana Code 72-7-312. Disposition of unappointed property if partial appointment to taker in default
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72-7-312. Disposition of unappointed property if partial appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property.
Terms Used In Montana Code 72-7-312
- Instrument: means a writing. 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
- 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