Current through the 2024 Fourth Special Session
Section 75A-4-205 - Rules of classification(1) As used 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.Renumbered from § 75-10-205 and amended by Chapter 364, 2024 General Session ,§ 101, eff. 9/1/2024.Added by Chapter 125, 2017 General Session ,§ 11, eff. 5/9/2017.