Section 702.311 - Disposition of unappointed property under released or unexercised nongeneral power of appointmentTo the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment, all of the following apply:
(1) The gift-in-default clause controls the disposition of the unappointed property.(2)(a) If there is no gift-in-default clause or to the extent the gift-in-default clause is ineffective, the unappointed property passes to the permissible appointees if all 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 par. (a), the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Added by Acts 2023 ch, 127,s 118, eff. 3/23/2024.