A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder:
A. is also the donor of the power; and
B. has reserved the power in a revocable trust.
History: Laws 2016, ch. 69, § 406.
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 4 - DISCLAIMER OR RELEASE; CONTRACT TO APPOINT OR NOT TO APPOINT
Section 46-11-401 - Disclaimer.
Section 46-11-402 - Authority to release.
Section 46-11-403 - Method of release.
Section 46-11-404 - Revocation or amendment of release.
Section 46-11-405 - Power to contract; presently exercisable power of appointment.
Section 46-11-406 - Power to contract; power of appointment not presently exercisable.
Section 46-11-407 - Remedy for breach of contract to appoint or not to appoint.