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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Except as otherwise provided in subsection (b) of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of:
(1) The powerholder, to the extent the powerholder's property is insufficient, if the power is presently exercisable; and
(2) The powerholder's estate, to the extent the estate is insufficient, subject to the right of a decedent to direct the source from which liabilities are paid.
(b) Subject to § 19-1705.04(c), a power of appointment created by a person other than the powerholder which is subject to an ascertainable standard relating to an individual's health, education, support, or maintenance, within the meaning of 26 U.S.C. § 2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), is treated for the purposes of this subchapter as a nongeneral power.
Cite this article: FindLaw.com - District of Columbia Code Division III. Decedents' Estates and Fiduciary Relations. § 19-1705. Creditor claim: general power not created by powerholder. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-iii-decedents-estates-and-fiduciary-relations/dc-code-sect-19-1705-02/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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