Montana Code 72-7-313. Appointment to taker in default
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72-7-313. Appointment to taker in default. If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes under the default clause.
Terms Used In Montana Code 72-7-313
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Montana Code 72-7-102
- Gift-in-default clause: means a clause identifying a taker in default of appointment. 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