75B-3-105. Exclusions.
(1) As used in this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in, or another power of appointment over, trust property.
(2) This chapter does not apply to: a power of appointment; a power to appoint or remove a trustee or trust director; a power of a settlor over a trust to the extent the settlor has a power to revoke the trust; a power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: the beneficiary; or another beneficiary represented by the beneficiary under Chapter 2, Part 3, Representation, with respect to the exercise or nonexercise of the power; or power over a trust if: the terms of the trust provide that the power is held in a nonfiduciary capacity; and the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the Internal Revenue Code of 1986, as amended, and any related Internal Revenue Service regulations.
(3) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in, or power of appointment over, trust property that is exercisable while the person is not serving as trustee is a power of appointment and not a power of direction.