Utah Code 75A-4-303. Intent to exercise — After-acquired power
Current as of: 2024 | Check for updates
|
Other versions
Unless the terms of the instrument exercising a power of appointment manifest a contrary intent:
(1) except as otherwise provided in Subsection (2), a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and
Terms Used In Utah Code 75A-4-303
- Blanket-exercise clause: includes a clause that:(3)(b)(i) expressly uses the words "any power" in exercising any power of appointment the powerholder has;(3)(b)(ii) expressly uses the words "any property" in appointing any property over which the powerholder has a power of appointment; or(3)(b)(iii) disposes of all property subject to disposition by the powerholder. See Utah Code 75A-4-102
- Gift-in-default clause: means a clause identifying a taker in default of appointment. See Utah Code 75A-4-102
- 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
(2) if the powerholder is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or the gift-in-default clause is ineffective.