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11.95A.290  <<  11.95A.300 >>   11.95A.310

Disposition of unappointed property—Released or unexercised nongeneral power.

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