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2020 Nevada Revised Statutes
Chapter 162B - Powers of Appointment (Uniform Act)
NRS 162B.350 - Disposition of unappointed property under released or unexercised nongeneral power.
Universal Citation: NV Rev Stat § 162B.350 (2020)
To 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:
(1) The permissible appointees are defined and limited; and
(2) The terms of the instrument creating the power do not manifest a contrary intent; or
(b) If there is no taker under paragraph (a), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
(Added to NRS by 2017, 1377)
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