Section 31D-3-302 - Intent to exercise; determining intent from residuary clauseA residuary clause that does not contain a blanket-exercisable clause or specific-exercise clause manifests the power holder's intent to exercise a power of appointment only if all of the following apply:
(1) The terms of the instrument containing the residuary clause (including any valid codicil or amendment to the instrument) do not manifest a contrary intent.(2) The power is a general power exercisable in favor of the power holder's estate.(3) There is no gift-in-default clause or the clause is ineffective.(4) The power holder did not release the power.N.C. Gen. Stat. § 31D-3-302
Added by 2015 N.C. Sess. Laws 205,s. 3-a, eff. 8/11/2015.