Kentucky Statutes 390.290 – Power to contract — Presently exercisable power of appointment
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A powerholder of a presently exercisable power of appointment may contract: (1) Not to exercise the power; or
(2) To exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 28, effective July 15, 2020.
(2) To exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
Terms Used In Kentucky Statutes 390.290
- Appointee: means a person to whom a powerholder makes an appointment of appointive property. See Kentucky Statutes 390.020
- Contract: A legal written agreement that becomes binding when signed.
- 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
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 28, effective July 15, 2020.