Utah Code 75A-4-301. Requisites for exercise of power of appointment
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A power of appointment is exercised only:
(1) if the instrument exercising the power is valid under applicable law;
Terms Used In Utah Code 75A-4-301
- Instrument: means a record. See Utah Code 75A-4-102
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an interest in, or another power of appointment over, the appointive property. See Utah Code 75A-4-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Utah Code 75A-4-102
- 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 Utah Code 75A-4-102
(2) if the terms of the instrument exercising the power:
(2)(a) manifest the powerholder‘s intent to exercise the power; and
(2)(b) satisfy the requirements of exercise, if any, imposed by the donor; and
(3) to the extent the appointment is a permissible exercise of the power.