Montana Code 72-7-311. Disposition of unappointed property under released or unexercised nongeneral power
72-7-311. Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
Terms Used In Montana Code 72-7-311
- Donor: The person who makes a gift.
- Donor: means a person who creates a power of appointment. See Montana Code 72-7-102
- Gift-in-default clause: means a clause identifying a taker in default of appointment. See Montana Code 72-7-102
- Instrument: means a writing. See Montana Code 72-7-102
- Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Montana Code 72-7-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Montana Code 72-7-102
- Property: means real and personal property. See Montana Code 1-1-205
(1)the gift-in-default clause controls the disposition of the unappointed property; or
(2)if there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:
(a)passes to the permissible appointees if:
(i)the permissible appointees are defined and limited; and
(ii)the terms of the instrument creating the power do not manifest a contrary intent; or
(b)if there is no taker under subsection (2)(a), passes under a reversionary interest to the donor or the donor‘s transferee or successor in interest.