Nev. Rev. Stat. § 162B.005
Short title
This chapter may be cited as the Uniform Powers of Appointment Act.
Nevada Revised Statutes Chapter 162B — Powers of Appointment (Uniform Act)
Nevada · statute · Nev. Rev. Stat. ch. 162B · 56 active provisions
Nev. Rev. Stat. § 162B.010
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 162B.015 to 162B.100, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 162B.015
“Appointee” defined
“Appointee” means a person to which a powerholder makes an appointment of appointive property.
Nev. Rev. Stat. § 162B.020
“Appointive property” defined
“Appointive property” means the property or property interest subject to a power of appointment.
Nev. Rev. Stat. § 162B.025
“Blanket-exercise clause” defined
“Blanket-exercise clause” means a clause in an instrument which exercises a power of appointment and is not a specific-exercise clause. The term includes a clause that: 1. Expressly uses the words “any power” in exercising any power of appointment the powerholder has; 2. Expressly uses the words “any property” in appoi…
Nev. Rev. Stat. § 162B.030
“Donor” defined
“Donor” means a person that creates a power of appointment.
Nev. Rev. Stat. § 162B.035
“Exclusionary power of appointment” defined
“Exclusionary power of appointment” means a power of appointment exercisable in favor of any one or more of the permissible appointees to the exclusion of the other permissible appointees.
Nev. Rev. Stat. § 162B.040
“General power of appointment” defined
“General power of appointment” means a power of appointment exercisable in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder or a creditor of the powerholder’s estate.
Nev. Rev. Stat. § 162B.045
“Gift-in-default clause” defined
“Gift-in-default clause” means a clause identifying a taker in default of appointment.
Nev. Rev. Stat. § 162B.050
“Impermissible appointee” defined
“Impermissible appointee” means a person that is not a permissible appointee.
Nev. Rev. Stat. § 162B.055
“Instrument” defined
“Instrument” means a record.
Nev. Rev. Stat. § 162B.060
“Nongeneral power of appointment” defined
“Nongeneral power of appointment” means a power of appointment that is not a general power of appointment.
Nev. Rev. Stat. § 162B.065
“Permissible appointee” defined
“Permissible appointee” means a person in whose favor a powerholder may exercise a power of appointment.
Nev. Rev. Stat. § 162B.070
“Person” defined
“Person” includes an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality or other legal entity.
Nev. Rev. Stat. § 162B.075
“Power of appointment” defined
“Power of appointment” means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.
Nev. Rev. Stat. § 162B.080
“Powerholder” defined
“Powerholder” means a person in which a donor creates a power of appointment.
Nev. Rev. Stat. § 162B.085
“Presently exercisable power of appointment” defined
“Presently exercisable power of appointment” means a power of appointment exercisable by the powerholder at the relevant time. The term: 1. Includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard or the passage of a specified time only aft…
Nev. Rev. Stat. § 162B.090
“Specific-exercise clause” defined
“Specific-exercise clause” means a clause in an instrument which specifically refers to and exercises a particular power of appointment.
Nev. Rev. Stat. § 162B.095
“Taker in default of appointment” defined
“Taker in default of appointment” means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment.
Nev. Rev. Stat. § 162B.100
“Terms of the instrument” defined
“Terms of the instrument” means the manifestation of the intent of the maker of the instrument regarding the instrument’s provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding.
Nev. Rev. Stat. § 162B.105
Governing law
Unless the terms of the instrument creating a power of appointment manifest a contrary intent: 1. The creation, revocation or amendment of the power is valid if permitted under any of: (a) The governing law adopted by the instrument creating the power; or (b) The law of the donor’s domicile at the relevant time; and 2.…
Nev. Rev. Stat. § 162B.110
Common law and principles of equity
The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this State other than this chapter.
Nev. Rev. Stat. § 162B.200
Creation of power of appointment
1. A power of appointment is created only if: (a) The instrument creating the power is valid under applicable law; and (b) The terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appoi…
Nev. Rev. Stat. § 162B.210
Nontransferability
A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses.
Nev. Rev. Stat. § 162B.220
Presumption of unlimited authority
Subject to NRS 162B.240, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: 1. Presently exercisable; 2. Exclusionary; and 3. Except as otherwise provided in NRS 162B.230, general.
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