To the extent a powerholder releases, ineffectively exercises or fails to exercise a nongeneral power of appointment: A. the gift-in-default clause controls the disposition of the unappointed property; or B. if there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property: (1) passes to the permissible appointees if: (a) the permissible appointees are defined and limited; and (b) the terms of the instrument creating the power do not manifest a contrary intent; or (2) if there is no taker under Paragraph (1) of this subsection, passes under a reversionary interest to the donor or the donor's transferee or successor in interest. History: Laws 2016, ch. 69, § 311. 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