A. As used in this section, 'adverse party' means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder or a creditor of the powerholder's estate. B. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral. C. If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary. History: Laws 2016, ch. 69, § 205. ANNOTATIONSEffective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
New Mexico Legal Code