Section 75-10-309 - [Renumbered Effective 9/1/2024] Capture doctrine - Disposition of ineffectively appointed property under general powerTo 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: (i) the powerholder if the powerholder is a permissible appointee and is living; or(ii) if the powerholder is an impermissible appointee or is deceased, the powerholder's estate if the estate is a permissible appointee; or(b) if there is no taker under Subsection (2)(a), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Renumbered as § 75A-4-309 by Chapter 364, 2024 General Session ,§ 111, eff. 9/1/2024.Added by Chapter 125, 2017 General Session ,§ 21, eff. 5/9/2017.