Disposition of unappointed property under released or unexercised nongeneral power.

NRS 162B.350 Disposition of unappointed property under released or unexercised nongeneral power. 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)