Section 72-7-311 - Disposition of unappointed property under released or unexercised nongeneral powerTo the extent a powerholder 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; or(2) if there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property: (a) passes to the permissible appointees if: (i) the permissible appointees are defined and limited; and(ii) the terms of the instrument creating the power do not manifest a contrary intent; or(b) if there is no taker under subsection (2)(a), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Added by Laws 2015, Ch. 293, Sec. 21, eff. 10/1/2015.