2020 Colorado Revised Statutes
Title 15 - Probate, Trusts, And Fiduciaries
Article 2.5. Uniform Powers of Appointment Act
Section 15-2.5-311. Disposition of unappointed property under released or unexercised nongeneral power.
(1) To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
The gift-in-default clause controls the disposition of the unappointed property; or
If there is no gift-in-default clause, or to the extent the clause is ineffective, theunappointed property:
(I) Passes to the permissible appointees if:
The permissible appointees are defined and limited; and
The terms of the instrument creating the power do not manifest a contrary intent; or
(II) If there is no taker under subparagraph (I) of this paragraph (b), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.
Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 779, § 1, effective July 1, 2015.
