Terms Used In Montana Code > Title 72 > Chapter 7 > Part 3 - Exercise of Power of Appointment

• 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 which a powerholder makes an appointment of appointive property. See Montana Code 72-7-102
• Appointive property: means the property or property interest subject to a power of appointment. See Montana Code 72-7-102
• Blanket-exercise clause: means a clause in an instrument that exercises a power of appointment and is not a specific-exercise clause. See Montana Code 72-7-102
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Donor: The person who makes a gift.
• Donor: means a person who creates a power of appointment. See Montana Code 72-7-102
• 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 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
• Impermissible appointee: means a person who is not a permissible appointee. 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
• Permissible appointee: means a person in whose favor a powerholder may exercise a power of appointment. See Montana Code 72-7-102
• Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Montana Code 72-7-102
• 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 Montana Code 72-7-102
• Powerholder: means a person in whom a donor creates a power of appointment. See Montana Code 72-7-102
• Probate: Proving a will
• Property: means real and personal property. See Montana Code 1-1-205
• 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 that specifically refers to and exercises a particular power of appointment. See Montana Code 72-7-102
• Taker in default of appointment: means a person who takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. See Montana Code 72-7-102
• 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 Montana Code 72-7-102