N.C. Gen. Stat. § 31D-2-204
Exception to presumption of unlimited authority
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if both of the following apply:
Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if both of the following apply:
(1) The power is exercisable only at the power holder's death.
(1) The power is exercisable only at the power holder’s death.
(2) The permissible appointees of the power are a defined and limited class that does not include the power holder's estate, the power holder's creditors, or the creditors of the power holder's estate.
(2) The permissible appointees of the power are a defined and limited class that does not include the power holder’s estate, the power holder’s creditors, or the creditors of the power holder’s estate.
History
(2015-205, s. 3(a).)
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.