Montana Code 72-7-314. Powerholder’s authority to revoke or amend exercise
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72-7-314. Powerholder’s authority to revoke or amend exercise. A powerholder may revoke or amend an exercise of a power of appointment only to the extent that:
Terms Used In Montana Code 72-7-314
- 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.
- 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
- 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
(1)the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit the reservation; or
(2)the terms of the instrument creating the power of appointment provide that the exercise is revocable or amendable.