(1) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
(2) This chapter does not apply to a: power of appointment;
(3) power to appoint or remove a trustee or trust director;
(4) power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(5) power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: the beneficiary; or
(6) another beneficiary represented by the beneficiary under § 28-73-301 et seq. with respect to the exercise or nonexercise of the power; or
(7) power over a trust if: the terms of the trust provide that the power is held in a nonfiduciary capacity; and
(8) the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986, as amended.
(9) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.