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Section 46-11-310 - Disposition of unappointed property under released or unexercised general power.

NM Stat § 46-11-310 (2019) (N/A)
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To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust:

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:

(1) except as otherwise provided in Paragraph (2) of this subsection, the unappointed property passes to:

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

(b) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or

(2) to the extent the powerholder released the power, or if there is no taker under Paragraph (1) of this subsection, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

History: Laws 2016, ch. 69, § 310.

Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.

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Section 46-11-311 - Disposition of unappointed property under released or unexercised nongeneral power.