Article 4.

Disclaimer or Release; Contract to Appoint or Not to Appoint.

§ 31D‑4‑401.  Disclaimer.

Consistent with Chapter 31B of the General Statutes:

(1) A power holder 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. (2015‑205, s. 3(a).)

 

§ 31D‑4‑402.  Authority to release.

A power holder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release. (2015‑205, s. 3(a).)

 

§ 31D‑4‑403.  Method of release.

A power holder of a releasable power of appointment may release the power in whole or in part as follows:

(1) By substantial compliance with a method provided in the terms of the instrument creating the power.

(2) If the terms of the instrument creating the power do not provide a method or the method provided in the terms of the instrument is not expressly made exclusive, by an instrument manifesting the power holder's intent by clear and convincing evidence. (2015‑205, s. 3(a).)

 

§ 31D‑4‑403.1.  Necessity for actual notice of release or limitation to bind fiduciary.

No fiduciary having possession or control of property over which a power of appointment is exercisable shall be bound or affected by any release or limitation of such power without actual notice thereof. (1943, c. 665, s. 4; 2017‑102, s. 13(c).)

 

§ 31D‑4‑404.  Revocation or amendment of release.

A power holder may revoke or amend a release of a power of appointment only to the extent that one of the following applies:

(1) The instrument of release is revocable by the power holder.

(2) The power holder reserves a power of revocation or amendment in the instrument of release. (2015‑205, s. 3(a).)

 

§ 31D‑4‑405.  Power to contract; presently exercisable power of appointment.

A power holder of a presently exercisable power of appointment may contract:

(1) Not to exercise the power.

(2) To exercise the power if the contract when made does not confer a benefit on an impermissible appointee. (2015‑205, s. 3(a).)

 

§ 31D‑4‑406.  Power to contract; power of appointment not presently exercisable.

A power holder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the power holder both:

(1) Is also the donor of the power.

(2) Has reserved the power in a revocable trust. (2015‑205, s. 3(a).)

 

§ 31D‑4‑407.  Remedy for breach of contract to appoint or not to appoint.

The remedy for a power holder'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 the contract. (2015‑205, s. 3(a).)