Kentucky Statutes 390.110 – Requisites for exercise of power of appointment
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A power of appointment is exercised only:
(1) If the instrument exercising the power is valid under applicable law; (2) If the terms of the instrument exercising the power:
(a) Manifest the powerholder‘s intent to exercise the power; and
(b) Subject to KRS § 390.150, satisfy the requirements of exercise, if any, imposed by the donor; and
(3) To the extent the appointment is a permissible exercise of power.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 10, effective July 15, 2020.
(1) If the instrument exercising the power is valid under applicable law; (2) If the terms of the instrument exercising the power:
Terms Used In Kentucky Statutes 390.110
- 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
- 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
(a) Manifest the powerholder‘s intent to exercise the power; and
(b) Subject to KRS § 390.150, satisfy the requirements of exercise, if any, imposed by the donor; and
(3) To the extent the appointment is a permissible exercise of power.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 10, effective July 15, 2020.