A. Except as otherwise provided in subsections B and C, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.

B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of Chapter 5 (§ 55-80 et seq.) of Title 55.

C. If the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated for purposes of this article as a general power.

History

2016, c. 266.