To the extent that 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 that the clause is ineffective, the ineffectively appointed property:
(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 subdivision 2 a, passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
History
2016, c. 266.
