Section 72-40-105 - Exclusions(1) In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.(2) This part does not apply to a: (a) power of appointment;(b) power to appoint or remove a trustee or trust director;(c) power of a settlor over a trust to the extent the settlor has a power to revoke the trust;(d) power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: (ii) another beneficiary represented by the beneficiary under 72-38-301 through 72-38-305 with respect to the exercise or nonexercise of the power; or(e) power over a trust if: (i) the terms of the trust provide that the power is held in a nonfiduciary capacity; and(ii) the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986, as amended, and regulations issued under it, as amended.(3) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property, which is exercisable while the person is not serving as a trustee, is a power of appointment and not a power of direction.Added by Laws 2021, Ch. 325,Sec. 5, eff. 10/1/2021.