To the extent that a power holder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
(1) The gift-in-default clause controls the disposition of the unappointed property.
(2) If there is no gift-in-default clause, or to the extent that the clause is ineffective, the unappointed property:
a. Passes to the permissible appointees, if both of the following apply:
1. The permissible appointees are defined and limited.
2. The terms of the instrument creating the power do not manifest a contrary intent.
b. If there is no taker under sub-subdivision a. of this subdivision, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.