Terms Used In Kentucky Statutes > Chapter 390 - Uniform Powers of Appointment Act

• 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.
• Appointee: means a person to whom a powerholder makes an appointment of appointive property. See Kentucky Statutes 390.020
• Appointive property: means the property or property interest subject to a power of appointment. See Kentucky Statutes 390.020
• Blanket-exercise clause: means a clause in an instrument which exercises a power of appointment and is not a specific-exercise clause. See Kentucky Statutes 390.020
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Donor: The person who makes a gift.
• Donor: means a person who creates a power of appointment. See Kentucky Statutes 390.020
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fraud: Intentional deception resulting in injury to another.
• General power of appointment: means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Kentucky Statutes 390.020
• Instrument: means a writing. See Kentucky Statutes 390.020
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Kentucky Statutes 390.020
• Permissible appointee: means a person in whose favor a powerholder may exercise a power of appointment. See Kentucky Statutes 390.020
• Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Powerholder: means a person in whom a donor creates a power of appointment. See Kentucky Statutes 390.020
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Specific-exercise clause: means a clause in an instrument which specifically refers to and exercises a particular power of appointment. See Kentucky Statutes 390.020
• Taker in default of appointment: means a person who takes part or all of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. See Kentucky Statutes 390.020
• 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 Kentucky Statutes 390.020