N.C. Gen. Stat. § 31D-3-302
Intent to exercise; determining intent from residuary clause
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
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:
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.
(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.
(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.
(3) There is no gift-in-default clause or the clause is ineffective.
(4) The power holder did not release the power.
(4) The power holder did not release the power.
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.