NRS 162B.350
Disposition of unappointed property under released or unexercised nongeneral power.

To the extent a powerholder 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; or

2.

If there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:

(a)

Passes to the permissible appointees if:

(1)

The permissible appointees are defined and limited; and

(2)

The terms of the instrument creating the power do not manifest a contrary intent; or

(b)

If there is no taker under paragraph (a), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.

Source: Section 162B.350 — Disposition of unappointed property under released or unexercised nongeneral power., https://www.­leg.­state.­nv.­us/NRS/NRS-162B.­html#NRS162BSec350.

Last Updated

Jun. 24, 2021

§ 162B.350’s source at nv​.us