Kentucky Statutes 390.270 – Method of release
Current as of: 2024 | Check for updates
|
Other versions
A powerholder of a releasable power of appointment may release the power in whole or in part:
(1) By substantial compliance with a method provided in the terms of the instrument creating the power; or
(2) If the terms of the instrument creating the power do not provide a method or the method provided in the terms of the instrument is not expressly made exclusive, by a record manifesting the powerholder’s intent by clear and convincing evidence.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 26, effective July 15, 2020.
(1) By substantial compliance with a method provided in the terms of the instrument creating the power; or
Terms Used In Kentucky Statutes 390.270
- 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.
- 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
(2) If the terms of the instrument creating the power do not provide a method or the method provided in the terms of the instrument is not expressly made exclusive, by a record manifesting the powerholder’s intent by clear and convincing evidence.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 26, effective July 15, 2020.