California Probate Code 660 – (a) The powerholder of a power of appointment that is presently …
(a) The powerholder of a power of appointment that is presently exercisable, whether general or special, can contract to make an appointment to the same extent that the powerholder could make an effective appointment.
(b) The powerholder of a power of appointment cannot contract to make an appointment while the power of appointment is not presently exercisable. If a promise to make an appointment under such a power is not performed, the promisee cannot obtain either specific performance or damages, but the promisee is not prevented from obtaining restitution of the value given by the promisee for the promise.
Terms Used In California Probate Code 660
- Contract: A legal written agreement that becomes binding when signed.
- Creating instrument: means the deed, will, trust, or other writing or document that creates or reserves the power of appointment. See California Probate Code 610
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See California Probate Code 610
- Powerholder: means the person to whom a power of appointment is given or in whose favor a power of appointment is reserved. See California Probate Code 610
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(c) Unless the creating instrument expressly provides that the powerholder may not contract to make an appointment while the power of appointment is not presently exercisable, subdivision (b) does not apply to the case where the donor and the powerholder are the same person. In this case, the powerholder can contract to make an appointment to the same extent that the powerholder could make an effective appointment if the power of appointment were presently exercisable.
(Amended by Stats. 2016, Ch. 81, Sec. 14. (AB 2846) Effective January 1, 2017.)