§2-704. Power of appointment; compliance with specific reference requirement
A powerholder's substantial compliance with a formal requirement of appointment imposed in a governing instrument by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
1. Knows of and intends to exercise power. The powerholder knows of and intends to exercise the power; and
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2. Does not impair a material purpose. The powerholder's manner of attempted exercise does not impair a material purpose of the donor in imposing the requirement.
[RR 2019, c. 1, Pt. A, §16 (COR).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF). RR 2019, c. 1, Pt. A, §16 (COR).
Structure Maine Revised Statutes
Article 2: INTESTACY, WILLS AND DONATIVE TRANSFERS
Part 7: RULES OF CONSTRUCTION APPLICABLE TO WILLS AND OTHER GOVERNING INSTRUMENTS
18-C §2-702. Requirement of survival by 120 hours
18-C §2-703. Choice of law as to meaning and effect of governing instrument
18-C §2-704. Power of appointment; compliance with specific reference requirement
18-C §2-705. Class gifts construed to accord with intestate succession; exceptions
18-C §2-707. Survivorship with respect to future interests under terms of trust; substitute takers
18-C §2-709. Per capita at each generation; per stirpes or by representation