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NRS 162B.530

Creditor claim: Nongeneral power

Known as the Uniform Powers of Appointment Act

The act spans §§ 162–162 (56 sections).

(Added to NRS by 2017, 1379)

1. Except as otherwise provided in subsections 2 and 3, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.

2. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of any provision of chapter 112 of NRS.

3. If the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated for purposes of NRS 162B.500 to 162B.530, inclusive, as a general power.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.