North Carolina General Statutes 31D-3-302. Intent to exercise; determining intent from residuary clause
Current as of: 2024 | Check for updates
|
Other versions
A residuary clause that does not contain a blanket-exercisable clause or specific-exercise clause manifests the power holder’s intent to exercise a power of appointment only if all of the following apply:
(1) The terms of the instrument containing the residuary clause (including any valid codicil or amendment to the instrument) do not manifest a contrary intent.
Terms Used In North Carolina General Statutes 31D-3-302
- 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.
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
(2) The power is a general power exercisable in favor of the power holder’s estate.
(3) There is no gift-in-default clause or the clause is ineffective.
(4) The power holder did not release the power. (2015-205, s. 3(a).)