Title 13

NRS 162B.030 “Donor” defined. “Donor” means a person that creates a power of appointment. (Added to NRS by 2017, 1373)

NRS 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. (Added to NRS by 2017, 1373)

NRS 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. (Added to NRS by 2017, 1373…

NRS 162B.045 “Gift-in-default clause” defined. “Gift-in-default clause” means a clause identifying a taker in default of appointment. (Added to NRS by 2017, 1373)

NRS 162B.050 “Impermissible appointee” defined. “Impermissible appointee” means a person that is not a permissible appointee. (Added to NRS by 2017, 1373)

NRS 162B.055 “Instrument” defined. “Instrument” means a record. (Added to NRS by 2017, 1373)

NRS 162B.060 “Nongeneral power of appointment” defined. “Nongeneral power of appointment” means a power of appointment that is not a general power of appointment. (Added to NRS by 2017, 1373)

NRS 162B.065 “Permissible appointee” defined. “Permissible appointee” means a person in whose favor a powerholder may exercise a power of appointment. (Added to NRS by 2017, 1373)

NRS 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. (Added to NRS by 2017, 1373)

NRS 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 incl…

NRS 162B.080 “Powerholder” defined. “Powerholder” means a person in which a donor creates a power of appointment. (Added to NRS by 2017, 1373)

NRS 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…

NRS 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. (Added to NRS by 2017, 1373)

NRS 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. (Added to NRS by 2017, 1373)

NRS 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 …

NRS 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;…

NRS 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. (Added to NRS by 2017, 1374) CREATION, REVOCATION AND AMENDMENT OF POWER …

NRS 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 …

NRS 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. (Added to NRS by 2017, 1374)

NRS 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.23…

NRS 162B.230 Exception to presumption of unlimited authority. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: 1. The power is exercisable only at the powerholder’s death; and 2. The permissible appointees …

NRS 162B.240 Rules of classification. 1. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral. 2. If the permissible appointees of a power of appointment are not defined and limited, the power is exclus…

NRS 162B.250 Power to revoke or amend. A donor may revoke or amend a power of appointment only to the extent that: 1. The instrument creating the power is revocable by the donor; or 2. The donor reserves a power of revocation or amendment in the instrument creating the power of a…

NRS 162B.300 Requisites for exercise of power of appointment. A power of appointment is exercised only: 1. If the instrument exercising the power is valid under applicable law; 2. If the terms of the instrument exercising the power: (a) Manifest the powerholder’s intent to exerci…

NRS 162B.305 Intent to exercise: Determining intent from residuary clause. 1. A residuary clause in a powerholder’s will or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if: (a) The terms of th…

NRS 162B.310 Intent to exercise: After-acquired power. Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: 1. Except as otherwise provided in subsection 2, a blanket-exercise clause extends to a power acquired by the powerholder after …

NRS 162B.315 Substantial compliance with donor-imposed formal requirement. A powerholder’s substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or speci…

NRS 162B.320 Permissible appointment. 1. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholde…

NRS 162B.325 Appointment to deceased appointee or permissible appointee’s descendant. 1. Subject to NRS 133.200, an appointment to a deceased appointee is ineffective. 2. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder …

NRS 162B.330 Impermissible appointment. 1. Except as otherwise provided in NRS 162B.325, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. 2. An exercise of a power of appointment in favor of a permissible appointee is ineffective to the…

NRS 162B.335 Selective allocation doctrine. If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the…

NRS 162B.340 Capture doctrine: Disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment: 1. The gift-…

NRS 162B.345 Disposition of unappointed property under released or unexercised general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust: 1. The gift-in-default cla…

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 una…

NRS 162B.355 Disposition of unappointed property if partial appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of …

NRS 162B.360 Appointment to taker in default. If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to h…

NRS 162B.365 Powerholder’s authority to revoke or amend exercise; exceptions. A powerholder may revoke or amend an exercise of a power of appointment unless: 1. The terms of the instrument exercising the power of appointment expressly state that the exercise is irrevocable or una…

NRS 162B.400 Disclaimer. As provided by chapter 120 of NRS: 1. A powerholder may disclaim all or part of a power of appointment. 2. A permissible appointee, appointee or taker in default of appointment may disclaim all or part of an interest in appointive property. (Added to NRS …

NRS 162B.410 Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release. (Added to NRS by 2017, 1377)

NRS 162B.420 Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part: 1. By substantial compliance with a method provided in the terms of the instrument creating the power; or 2. If the terms of the instrument creating the p…

NRS 162B.430 Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that: 1. The instrument of release is revocable by the powerholder; or 2. The powerholder reserves a power of revocation or amendment in the i…

NRS 162B.440 Power to contract: Presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract: 1. Not to exercise the power; or 2. To exercise the power if the contract when made does not confer a benefit on an impermissibl…

NRS 162B.450 Power to contract: Power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: 1. Is also the donor of the power; and 2. Has r…

NRS 162B.460 Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder’s breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of t…

NRS 162B.500 Creditor claim: General power created by powerholder. 1. Appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of the powerholder or of the powerholder’s estate to the extent provided in chapter 1…