North Carolina General Statutes 31D-5-504. Creditor claim; nongeneral power
Terms Used In North Carolina General Statutes 31D-5-504
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(a) Except as otherwise provided in subsections (b) and (c) of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the power holder or the power holder’s estate.
(b) Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the power holder or the power holder’s estate to the extent that the power holder owned the property and, reserving the nongeneral power, transferred the property in violation of the Uniform Voidable Transactions Act, Article 3A of Chapter 39 of the N.C. Gen. Stat..
(c) If the initial gift in default of appointment is to the power holder or the power holder’s estate, a nongeneral power of appointment is treated for purposes of this Article as a general power. (2015-205, s. 3(a).)