Section 31D-3-303 - Intent to exercise after-acquired powerUnless the terms of an instrument exercising a power of appointment manifest a contrary intent:
(1) If the power holder is not also the donor of the power, a blanket-exercise clause in the instrument extends to a power acquired by the power holder after executing the instrument containing the clause.(2) If the power holder is also the donor of the power, the blanket-exercise clause extends to the power acquired by the power holder after executing the instrument only if there is no gift-in-default clause or the gift-in-default clause is ineffective. The blanket-exercise clause does not extend to the power if there is a gift-in-default clause that is effective.N.C. Gen. Stat. § 31D-3-303
Added by 2015 N.C. Sess. Laws 205,s. 3-a, eff. 8/11/2015.