Utah Code 75-10-201. Creation of power of appointment
Current as of: 2024 | Check for updates
|
Other versions
(1) A power of appointment is created only if:
Terms Used In Utah Code 75-10-201
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Utah Code 75-10-102
- Instrument: means a record. See Utah Code 75-10-102
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an interest in, or another power of appointment over, the appointive property. See Utah Code 75-10-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Utah Code 75-10-102
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- 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 Utah Code 75-10-102
(1)(a) the instrument creating the power is valid under applicable law; and
(1)(b) the terms of the instrument creating the power manifest the donor‘s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.
(2) A power of appointment may be created by the exercise of a power of appointment.
(3) A power of appointment may not be created in a deceased individual.
(4) Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.