Section 75-10-310 - [Renumbered Effective 9/1/2024] Disposition of unappointed property under released or unexercised general powerTo 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:
(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: (a) except as otherwise provided in Subsection (2)(b), the unappointed property 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) to the extent the powerholder released the power, or if there is no taker under Subsection (2)(a), the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Renumbered as § 75A-4-310 by Chapter 364, 2024 General Session ,§ 112, eff. 9/1/2024.Added by Chapter 125, 2017 General Session ,§ 22, eff. 5/9/2017.