Current through the 2023 Regular Session
Section 72-7-205 - Rules of classification(1) In this section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.(2) If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.(3) If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.Added by Laws 2015, Ch. 293, Sec. 9, eff. 10/1/2015.