75-12-105. 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) a power of appointment; (b) a power to appoint or remove a trustee or trust director; (c) a power of a settlor over a trust to the extent the settlor has a power to revoke the trust; (d) a power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: (i) the beneficiary; or (ii) another beneficiary represented by the beneficiary under Sections 75-7-301 through 75-7-305 with respect to the exercise or nonexercise of the power; or (e) power over a trust if: (i) the terms of the trust provide that the power is held in a nonfiduciary capacity; and (ii) 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.
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