North Carolina General Statutes 31D-2-201. Creation of power of appointment
(a) A power of appointment is created only if all of the following apply:
(1) The instrument creating the power is valid under applicable law.
Terms Used In North Carolina General Statutes 31D-2-201
- Donor: The person who makes a gift.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) Repealed by Session Laws 2021-53, s. 4.1, effective June 25, 2021.
(3) The terms of the instrument creating the power manifest the donor‘s intent to create in a power holder a power of appointment over the appointive property exercisable in favor of a permissible appointee.
(b) Repealed by Session Laws 2021-53, s. 4.1, effective June 25, 2021.
(c) A power of appointment may not be created in a deceased individual.
(d) Subject to an applicable rule against perpetuities or restraint on alienation, a power of appointment may be created in an unborn or unascertained power holder. (2015-205, s. 3(a); 2021-53, s. 4.1.)