LegalFix
Sign In

NRS 162B.340 - Capture doctrine: Disposition of ineffectively appointed property under general power.

NV Rev Stat § 162B.340 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment:

1. The gift-in-default clause controls the disposition of the ineffectively appointed property; or

2. If there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property:

(a) Passes to:

(1) The powerholder if the powerholder is a permissible appointee and living; or

(2) If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; or

(b) If there is no taker under paragraph (a), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.

(Added to NRS by 2017, 1376)

Previous Section
NRS 162B.335 - Selective allocation doctrine.
Next Section
NRS 162B.345 - Disposition of unappointed property under released or unexercised general power.