HB 348 — AN ACT relating to powers of appointment. Establish KRS Chapter 390 and create new sections thereof to provide that the chapter may be cited as the Kentucky Uniform Powers of Appointment Act; define various terms; specify the governing law over the power of appointment; state that common law supplements this chapter; outline the creation of a power of appointment; prohibit the transfer of a power of appointment; specify general presumptions upon a power of appointment's creation; make an exception to the general presumption about a power of appointment; define "adverse party"; allow a donor to revoke or amend a power of appointment in certain instances; state when a power of appointment may be exercised; provide that a residuary clause manifests a powerholder's intent to exercise a power of appointment; state that a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; require substantial compliance with a formal requirement of appointment; outline permissible appointments; provide that appointment to a deceased appointee is ineffective; appointment to an impermissible appointee is ineffective; require a powerholder's intent be carried out in cases of selective allocation; establish the procedure for disposition of property ineffectively appointed; provide for the disposition of unappointed property under released or unexercised general power; provide for the disposition of unappointed property under released or unexercised nongeneral power; provide for the disposition of unappointed property if partial appointment is to the taker in default; provide for the disposition of property appointed to the taker in default; allow a powerholder to revoke or amend an exercise; allow a powerholder to disclaim a power of appointment or contract to appoint or not appoint any property subject to the power; allow a powerholder to release a power of appointment; state the method in which a powerholder may release a power of appointment; allow a powerholder to revoke or amend a release of power; allow a powerholder of a presently exercisable power of appointment and a not presently exercisable power of appointment to contract; establish a remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property; outline the rights of a powerholder's creditors in appointive property; state when appointive property is subject to a claim when the power is general; state when appointive property is subject to a claim when the power is nongeneral; require uniformity of interpretation and application with regards to other states that have enacted this Act; specify how the enactment of this Act affects existing powers of appointment; repeal KRS 386.095, 394.060, and 394.070.

Last action February 15, 2017 — To Judiciary (H)