(1) To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (a) The gift-in-default clause controls the disposition of the unappointed property; or (b) If there is no gift-in-default clause, or to the extent the clause is ineffective, the unappointed property: (I) Passes to the permissible appointees if: (A) The permissible appointees are defined and limited; and (B) The terms of the instrument creating the power do not manifest a contrary intent; or (II) If there is no taker under subparagraph (I) of this paragraph (b), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
C.R.S. § 15-2.5-311
Disposition of unappointed property under released or unexercised nongeneral power
Known as the Colorado Uniform Powers of Appointment Act
The act spans §§ 15-2.5-101 to 15-2.5-603 (33 sections).
Digitized from: Public.Law — Colorado Revised Statutes. Reproduced from public-domain Colorado statutes; confirm against the official source for the current text. Not legal advice.