Utah Code 75A-4-313. Appointment to taker in default
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Terms Used In Utah Code 75A-4-313
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Utah Code 75A-4-102
- Gift-in-default clause: means a clause identifying a taker in default of appointment. See Utah Code 75A-4-102
- 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 75A-4-102
- Powerholder: means a person in whom a donor creates a power of appointment. See Utah Code 75A-4-102
- Property: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-4-102 - Taker in default of appointment: means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. See Utah Code 75A-4-102
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is considered not to have been exercised and the appointee takes under the clause.