Section 72-7-309 - Capture doctrine - disposition of ineffectively appointed property under general powerTo the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment:
(1) the gift-in-default clause controls the disposition of the ineffectively appointed property; or(2) if there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property: (a) passes to: (i) the powerholder if the powerholder is a permissible appointee and living; or(ii) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or(b) if there is no taker under subsection (2)(a), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Added by Laws 2015, Ch. 293, Sec. 19, eff. 10/1/2015.