N.C. Gen. Stat. § 31D-3-311
Disposition of unappointed property under released or unexercised nongeneral power
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
To the extent that a power holder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
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.
(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: Passes to the permissible appointees, if both of the following apply: The permissible appointees are defined and limited.
(2) If there is no gift-in-default clause, or to the extent that the clause is ineffective, the unappointed property: Passes to the permissible appointees, if both of the following apply: The permissible appointees are defined and limited.
(3) The terms of the instrument creating the power do not manifest a contrary intent.
(3) The terms of the instrument creating the power do not manifest a contrary intent.
(4) 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.
(4) 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.
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.