A power of appointment is exercised only:
A. if the instrument exercising the power is valid under applicable law; and
B. if the terms of the instrument exercising the power:
(1) manifest the powerholder's intent to exercise the power; and
(2) subject to Section 304 [46-11-304 NMSA 1978] of the Uniform Powers of Appointment Act, satisfy the requirements of exercise, if any, imposed by the donor; and
C. to the extent the appointment is a permissible exercise of the power.
History: Laws 2016, ch. 69, § 301.
Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
Structure New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 11 - Uniform Powers of Appointment
Article 3 - EXERCISE OF POWER OF APPOINTMENT
Section 46-11-301 - Requisites for exercise of power of appointment.
Section 46-11-302 - Intent to exercise; determining intent from residuary clause.
Section 46-11-303 - Intent to exercise; after-acquired power.
Section 46-11-304 - Substantial compliance with donor-imposed formal requirement.
Section 46-11-305 - Permissible appointment.
Section 46-11-306 - Appointment to deceased appointee or permissible appointee's descendant.
Section 46-11-307 - Impermissible appointment.
Section 46-11-308 - Selective allocation doctrine.
Section 46-11-310 - Disposition of unappointed property under released or unexercised general power.
Section 46-11-312 - Disposition of unappointed property if partial appointment to taker in default.
Section 46-11-313 - Appointment to taker in default.
Section 46-11-314 - Powerholder's authority to revoke or amend exercise.