A powerholder of a presently exercisable power of appointment may contract:
A. not to exercise the power; or
B. to exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
§ 46-11-405 NMSA 1978
Power to contract; presently exercisable power of appointment
Known as the Uniform Powers of Appointment Act
The act spans §§ 46–46 (38 sections).
Laws 2016, ch. 69, § 405.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.