31D-3-301. Requisites for exercise of power of appointment.
A power of appointment is exercised only to the extent that the appointment is a permissible exercise of the power, and only if all of the following apply:
(1) The instrument exercising the power is valid under applicable law.
(2) The terms of the instrument exercising the power manifest the power holder's intent to exercise the power.
(3) Subject to the provisions of G.S. 31D-3-304, the terms of the instrument exercising the power satisfy the requirements of exercise, if any, imposed by the donor. (2015-205, s. 3(a).)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 31D - North Carolina Uniform Powers of Appointment Act
Article 3 - Exercise of Power of Appointment.
§ 31D-3-301 - Requisites for exercise of power of appointment.
§ 31D-3-302 - Intent to exercise; determining intent from residuary clause.
§ 31D-3-303 - Intent to exercise after-acquired power.
§ 31D-3-304 - Substantial compliance with donor-imposed formal requirement.
§ 31D-3-305 - Permissible appointment.
§ 31D-3-306 - Appointment to deceased appointee.
§ 31D-3-307 - Impermissible appointment.
§ 31D-3-308 - Selective allocation doctrine.
§ 31D-3-309 - Capture doctrine; disposition of ineffectively appointed property under general power.
§ 31D-3-310 - Disposition of unappointed property under released or unexercised general power.
§ 31D-3-311 - Disposition of unappointed property under released or unexercised nongeneral power.
§ 31D-3-312 - Disposition of unappointed property if partial appointment to taker in default.
§ 31D-3-313 - Appointment to taker in default.
§ 31D-3-314 - Power holder's authority to revoke or amend exercise.