To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust:
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:
(1) except as otherwise provided in Paragraph (2) of this subsection, the unappointed property passes to:
(a) the powerholder if the powerholder is a permissible appointee and is living; or
(b) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or
(2) to the extent the powerholder released the power, or if there is no taker under Paragraph (1) of this subsection, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.