Kentucky Statutes 390.030 – Governing law
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Unless the terms of the instrument creating a power of appointment manifest a contrary intent:
(1) The creation, revocation, or amendment of the power is governed by the law of the donor‘s domicile at the relevant time; and
(2) The exercise, release, or disclaimer of the power, or the revocation or amendment of the exercise, release, or disclaimer, is governed by the law of the powerholder‘s domicile at the relevant time.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 2, effective July 15, 2020.
(1) The creation, revocation, or amendment of the power is governed by the law of the donor‘s domicile at the relevant time; and
Terms Used In Kentucky Statutes 390.030
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Instrument: means a writing. See Kentucky Statutes 390.020
- 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 Kentucky Statutes 390.020
- Powerholder: means a person in whom a donor creates a power of appointment. See Kentucky Statutes 390.020
(2) The exercise, release, or disclaimer of the power, or the revocation or amendment of the exercise, release, or disclaimer, is governed by the law of the powerholder‘s domicile at the relevant time.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 2, effective July 15, 2020.