Kentucky House Bill 348 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 13 2017 - 25% progression, died in committee
Action: 2017-02-15 - to Judiciary (H)
Pending: House Judiciary Committee
Text: Latest bill text (Draft #1) [PDF]

Establish KRS Chapter 390 and create new sections thereof to provide that the chapter may be cited as the Kentucky Uniform Powers of Appointment Act; define various terms; specify the governing law over the power of appointment; state that common law supplements this chapter; outline the creation of a power of appointment; prohibit the transfer of a power of appointment; specify general presumptions upon a power of appointment's creation; make an exception to the general presumption about a power of appointment; define "adverse party"; allow a donor to revoke or amend a power of appointment in certain instances; state when a power of appointment may be exercised; provide that a residuary clause manifests a powerholder's intent to exercise a power of appointment; state that a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; require substantial compliance with a formal requirement of appointment; outline permissible appointments; provide that appointment to a deceased appointee is ineffective; appointment to an impermissible appointee is ineffective; require a powerholder's intent be carried out in cases of selective allocation; establish the procedure for disposition of property ineffectively appointed; provide for the disposition of unappointed property under released or unexercised general power; provide for the disposition of unappointed property under released or unexercised nongeneral power; provide for the disposition of unappointed property if partial appointment is to the taker in default; provide for the disposition of property appointed to the taker in default; allow a powerholder to revoke or amend an exercise; allow a powerholder to disclaim a power of appointment or contract to appoint or not appoint any property subject to the power; allow a powerholder to release a power of appointment; state the method in which a powerholder may release a power of appointment; allow a powerholder to revoke or amend a release of power; allow a powerholder of a presently exercisable power of appointment and a not presently exercisable power of appointment to contract; establish a remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property; outline the rights of a powerholder's creditors in appointive property; state when appointive property is subject to a claim when the power is general; state when appointive property is subject to a claim when the power is nongeneral; require uniformity of interpretation and application with regards to other states that have enacted this Act; specify how the enactment of this Act affects existing powers of appointment; repeal KRS 386.095, 394.060, and 394.070.

AN ACT relating to powers of appointment.

Rep. Chris Harris [D]

Date	Chamber	Action
2017-02-15	House	to Judiciary (H)
2017-02-13	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/17RS/HB348.htm
Text	http://www.lrc.ky.gov/recorddocuments/bill/17RS/HB348/bill.pdf