Utah Code 75A-4-405. Power to contract — Presently exercisable power of appointment
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A powerholder of a presently exercisable power of appointment may contract:
(1) not to exercise the power; or
Terms Used In Utah Code 75A-4-405
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Utah Code 75A-4-102
- Contract: A legal written agreement that becomes binding when signed.
- Powerholder: means a person in whom a donor creates a power of appointment. See Utah Code 75A-4-102
- Presently exercisable power of appointment: includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time only after:(17)(b)(i) the occurrence of the specified event;(17)(b)(ii) the satisfaction of the ascertainable standard; or(17)(b)(iii) the passage of the specified time. See Utah Code 75A-4-102(2) to exercise the power if the contract when made does not confer a benefit on an impermissible appointee.