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North Carolina General Statutes Chapter 31D. North Carolina Uniform Powers of Appointment Act § 31D-3-302. Intent to exercise; determining intent from residuary clause

Current as of January 01, 2023 | Updated by Findlaw Staff

A residuary clause that does not contain a blanket-exercisable clause or specific-exercise clause manifests the power holder's intent to exercise a power of appointment only if all of the following apply:

(1) The terms of the instrument containing the residuary clause (including any valid codicil or amendment to the instrument) do not manifest a contrary intent.

(2) The power is a general power exercisable in favor of the power holder's estate.

(3) There is no gift-in-default clause or the clause is ineffective.

(4) The power holder did not release the power.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 31D. North Carolina Uniform Powers of Appointment Act § 31D-3-302. Intent to exercise; determining intent from residuary clause - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-31d-north-carolina-uniform-powers-of-appointment-act/nc-gen-st-sect-31d-3-302/

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