(1) To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
(a) The gift-in-default clause controls the disposition of the unappointed property; or
(b) If there is no gift-in-default clause, or to the extent the clause is ineffective, the unappointed property:
(I) Passes to the permissible appointees if:
(A) The permissible appointees are defined and limited; and
(B) The terms of the instrument creating the power do not manifest a contrary intent; or
(II) If there is no taker under subparagraph (I) of this paragraph (b), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.
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