31D-3-311. Disposition of unappointed property under released or unexercised nongeneral power.
To the extent that a power holder 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.
(2) If there is no gift-in-default clause, or to the extent that the clause is ineffective, the unappointed property:
a. Passes to the permissible appointees, if both of the following apply:
1. The permissible appointees are defined and limited.
2. The terms of the instrument creating the power do not manifest a contrary intent.
b. If there is no taker under sub-subdivision a. of this subdivision, passes under a reversionary interest to the donor or the donor's transferee or successor in interest. (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.