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 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: (A) except as otherwise provided in subdivision (B) of this subdivision, the unappointed property passes to: (i) the powerholder if the powerholder is a permissible appointee and living; or (ii) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or (B) to the extent the powerholder released the power, or if there is no taker under subdivision (A) of this subdivision, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.
‹ Prev All Nebraska sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.