[Rev. 6/29/2024 3:07:49 PM--2023]
CHAPTER 162B - POWERS OF APPOINTMENT (UNIFORM ACT)
GENERAL PROVISIONS
NRS 162B.005 Short title.
NRS 162B.010 Definitions.
NRS 162B.015 “Appointee” defined.
NRS 162B.020 “Appointive property” defined.
NRS 162B.025 “Blanket-exercise clause” defined.
NRS 162B.030 “Donor” defined.
NRS 162B.035 “Exclusionary power of appointment” defined.
NRS 162B.040 “General power of appointment” defined.
NRS 162B.045 “Gift-in-default clause” defined.
NRS 162B.050 “Impermissible appointee” defined.
NRS 162B.055 “Instrument” defined.
NRS 162B.060 “Nongeneral power of appointment” defined.
NRS 162B.065 “Permissible appointee” defined.
NRS 162B.070 “Person” defined.
NRS 162B.075 “Power of appointment” defined.
NRS 162B.080 “Powerholder” defined.
NRS 162B.085 “Presently exercisable power of appointment” defined.
NRS 162B.090 “Specific-exercise clause” defined.
NRS 162B.095 “Taker in default of appointment” defined.
NRS 162B.100 “Terms of the instrument” defined.
NRS 162B.105 Governing law.
NRS 162B.110 Common law and principles of equity.
CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT
NRS 162B.200 Creation of power of appointment.
NRS 162B.210 Nontransferability.
NRS 162B.220 Presumption of unlimited authority.
NRS 162B.230 Exception to presumption of unlimited authority.
NRS 162B.240 Rules of classification.
NRS 162B.250 Power to revoke or amend.
EXERCISE OF POWER OF APPOINTMENT
NRS 162B.300 Requisites for exercise of power of appointment.
NRS 162B.305 Intent to exercise: Determining intent from residuary clause.
NRS 162B.310 Intent to exercise: After-acquired power.
NRS 162B.315 Substantial compliance with donor-imposed formal requirement.
NRS 162B.320 Permissible appointment.
NRS 162B.325 Appointment to deceased appointee or permissible appointee’s descendant.
NRS 162B.330 Impermissible appointment.
NRS 162B.335 Selective allocation doctrine.
NRS 162B.340 Capture doctrine: Disposition of ineffectively appointed property under general power.
NRS 162B.345 Disposition of unappointed property under released or unexercised general power.
NRS 162B.350 Disposition of unappointed property under released or unexercised nongeneral power.
NRS 162B.355 Disposition of unappointed property if partial appointment to taker in default.
NRS 162B.360 Appointment to taker in default.
NRS 162B.365 Powerholder’s authority to revoke or amend exercise; exceptions.
DISCLAIMER OR RELEASE; CONTRACT TO APPOINT OR NOT TO APPOINT
NRS 162B.400 Disclaimer.
NRS 162B.410 Authority to release.
NRS 162B.420 Method of release.
NRS 162B.430 Revocation or amendment of release.
NRS 162B.440 Power to contract: Presently exercisable power of appointment.
NRS 162B.450 Power to contract: Power of appointment not presently exercisable.
NRS 162B.460 Remedy for breach of contract to appoint or not to appoint.
RIGHTS OF POWERHOLDER’S CREDITORS IN APPOINTIVE PROPERTY
NRS 162B.500 Creditor claim: General power created by powerholder.
NRS 162B.510 Certain property exempt from creditor claims.
NRS 162B.520 Power to withdraw.
NRS 162B.530 Creditor claim: Nongeneral power.
MISCELLANEOUS PROVISIONS
NRS 162B.600 Uniformity of application and construction.
NRS 162B.610 Relation to Electronic Signatures in Global and National Commerce Act.
NRS 162B.620 Application to existing relationships.
_________
GENERAL PROVISIONS
NRS 162B.005 Short title. This chapter may be cited as the Uniform Powers of Appointment Act.
(Added to NRS by 2017, 1372)
NRS 162B.010 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 162B.015 to 162B.100, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2017, 1372)
NRS 162B.015 “Appointee” defined. “Appointee” means a person to which a powerholder makes an appointment of appointive property.
(Added to NRS by 2017, 1372)
NRS 162B.020 “Appointive property” defined. “Appointive property” means the property or property interest subject to a power of appointment.
(Added to NRS by 2017, 1372)
NRS 162B.025 “Blanket-exercise clause” defined. “Blanket-exercise clause” means a clause in an instrument which exercises a power of appointment and is not a specific-exercise clause. The term includes a clause that:
1. Expressly uses the words “any power” in exercising any power of appointment the powerholder has;
2. Expressly uses the words “any property” in appointing any property over which the powerholder has a power of appointment; or
3. Disposes of all property subject to disposition by the powerholder.
(Added to NRS by 2017, 1373)
NRS 162B.030 “Donor” defined. “Donor” means a person that creates a power of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.035 “Exclusionary power of appointment” defined. “Exclusionary power of appointment” means a power of appointment exercisable in favor of any one or more of the permissible appointees to the exclusion of the other permissible appointees.
(Added to NRS by 2017, 1373)
NRS 162B.040 “General power of appointment” defined. “General power of appointment” means a power of appointment exercisable in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder or a creditor of the powerholder’s estate.
(Added to NRS by 2017, 1373)
NRS 162B.045 “Gift-in-default clause” defined. “Gift-in-default clause” means a clause identifying a taker in default of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.050 “Impermissible appointee” defined. “Impermissible appointee” means a person that is not a permissible appointee.
(Added to NRS by 2017, 1373)
NRS 162B.055 “Instrument” defined. “Instrument” means a record.
(Added to NRS by 2017, 1373)
NRS 162B.060 “Nongeneral power of appointment” defined. “Nongeneral power of appointment” means a power of appointment that is not a general power of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.065 “Permissible appointee” defined. “Permissible appointee” means a person in whose favor a powerholder may exercise a power of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.070 “Person” defined. “Person” includes an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality or other legal entity.
(Added to NRS by 2017, 1373)
NRS 162B.075 “Power of appointment” defined. “Power of appointment” means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.
(Added to NRS by 2017, 1373)
NRS 162B.080 “Powerholder” defined. “Powerholder” means a person in which a donor creates a power of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.085 “Presently exercisable power of appointment” defined. “Presently exercisable power of appointment” means a power of appointment exercisable by the powerholder at the relevant time. The term:
1. Includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard or the passage of a specified time only after:
(a) The occurrence of the specified event;
(b) The satisfaction of the ascertainable standard; or
(c) The passage of the specified time; and
2. Does not include a power exercisable only at the powerholder’s death.
(Added to NRS by 2017, 1373)
NRS 162B.090 “Specific-exercise clause” defined. “Specific-exercise clause” means a clause in an instrument which specifically refers to and exercises a particular power of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.095 “Taker in default of appointment” defined. “Taker in default of appointment” means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment.
(Added to NRS by 2017, 1373)
NRS 162B.100 “Terms of the instrument” defined. “Terms of the instrument” means the manifestation of the intent of the maker of the instrument regarding the instrument’s provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding.
(Added to NRS by 2017, 1374)
NRS 162B.105 Governing law. Unless the terms of the instrument creating a power of appointment manifest a contrary intent:
1. The creation, revocation or amendment of the power is valid if permitted under any of:
(a) The governing law adopted by the instrument creating the power; or
(b) The law of the donor’s domicile at the relevant time; and
2. The exercise, release or disclaimer of the power, or the revocation or amendment of the exercise, release or disclaimer of the power, is valid if permitted under any of:
(a) The governing law adopted by the instrument creating the power;
(b) The governing law adopted by the instrument exercising, releasing or disclaiming the power, or revoking or amending the exercise, release or disclaimer of the power; or
(c) The law of the powerholder’s domicile at the relevant time.
(Added to NRS by 2017, 1374; A 2019, 1857)
NRS 162B.110 Common law and principles of equity. The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this State other than this chapter.
(Added to NRS by 2017, 1374)
CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT
NRS 162B.200 Creation of power of appointment.
1. A power of appointment is created only if:
(a) The instrument creating the power is valid under applicable law; and
(b) The terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.
2. A power of appointment may not be created in a deceased individual.
3. Subject to an applicable rule against perpetuities, a power of appointment may be created in an unborn or unascertained powerholder.
(Added to NRS by 2017, 1374; A 2019, 1857)
NRS 162B.210 Nontransferability. A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses.
(Added to NRS by 2017, 1374)
NRS 162B.220 Presumption of unlimited authority. Subject to NRS 162B.240, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is:
1. Presently exercisable;
2. Exclusionary; and
3. Except as otherwise provided in NRS 162B.230, general.
(Added to NRS by 2017, 1374)
NRS 162B.230 Exception to presumption of unlimited authority. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:
1. The power is exercisable only at the powerholder’s death; and
2. The permissible appointees of the power are a defined and limited class that does not include the powerholder’s estate, the powerholder’s creditors or the creditors of the powerholder’s estate.
(Added to NRS by 2017, 1374)
NRS 162B.240 Rules of classification.
1. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
2. If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.
3. As used in this section, “adverse party” means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder or a creditor of the powerholder’s estate.
(Added to NRS by 2017, 1374)
NRS 162B.250 Power to revoke or amend. A donor may revoke or amend a power of appointment only to the extent that:
1. The instrument creating the power is revocable by the donor; or
2. The donor reserves a power of revocation or amendment in the instrument creating the power of appointment.
(Added to NRS by 2017, 1375)
EXERCISE OF POWER OF APPOINTMENT
NRS 162B.300 Requisites for exercise of power of appointment. A power of appointment is exercised only:
1. If the instrument exercising the power is valid under applicable law;
2. If the terms of the instrument exercising the power:
(a) Manifest the powerholder’s intent to exercise the power; and
(b) Subject to NRS 162B.315, satisfy the requirements of exercise, if any, imposed by the donor; and
3. To the extent the appointment is a permissible exercise of the power.
(Added to NRS by 2017, 1375)
NRS 162B.305 Intent to exercise: Determining intent from residuary clause.
1. A residuary clause in a powerholder’s will or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if:
(a) The terms of the instrument containing the residuary clause do not manifest a contrary intent;
(b) The power is a general power exercisable in favor of the powerholder’s estate;
(c) There is no gift-in-default clause or the clause is ineffective; and
(d) The powerholder did not release the power.
2. As used in this section:
(a) “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.
(b) “Will” includes a codicil and a testamentary instrument that revises another will.
(Added to NRS by 2017, 1375)
NRS 162B.310 Intent to exercise: After-acquired power. Unless the terms of the instrument exercising a power of appointment manifest a contrary intent:
1. Except as otherwise provided in subsection 2, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and
2. If the powerholder is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or the gift-in-default clause is ineffective.
(Added to NRS by 2017, 1375)
NRS 162B.315 Substantial compliance with donor-imposed formal requirement. A powerholder’s substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if:
1. The powerholder knows of and intends to exercise the power; and
2. The powerholder’s manner of attempted exercise of the power does not impair a material purpose of the donor in imposing the requirement.
(Added to NRS by 2017, 1375)
NRS 162B.320 Permissible appointment.
1. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder’s estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powerholder’s own property.
2. A powerholder of a general power of appointment that permits appointment only to the creditors of the powerholder or of the powerholder’s estate may appoint only to those creditors.
3. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the powerholder of a nongeneral power may:
(a) Make an appointment in any form, including an appointment in trust, in favor of a permissible appointee;
(b) Create a general power or a nongeneral power in a permissible appointee; or
(c) Create a nongeneral power in any person to appoint to one or more of the permissible appointees of the original nongeneral power.
(Added to NRS by 2017, 1375; A 2019, 1858)
NRS 162B.325 Appointment to deceased appointee or permissible appointee’s descendant.
1. Subject to NRS 133.200, an appointment to a deceased appointee is ineffective.
2. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder of a nongeneral power may exercise the power in favor of, or create a new power of appointment in, a descendant of a deceased permissible appointee whether or not the descendant is described by the donor as a permissible appointee.
(Added to NRS by 2017, 1376)
NRS 162B.330 Impermissible appointment.
1. Except as otherwise provided in NRS 162B.325, an exercise of a power of appointment in favor of an impermissible appointee is ineffective.
2. An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent the appointment is a fraud on the power.
(Added to NRS by 2017, 1376)
NRS 162B.335 Selective allocation doctrine. If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the powerholder’s intent.
(Added to NRS by 2017, 1376)
NRS 162B.340 Capture doctrine: Disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment:
1. The gift-in-default clause controls the disposition of the ineffectively appointed property; or
2. If there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property:
(a) Passes to:
(1) The powerholder if the powerholder is a permissible appointee and living; or
(2) If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; or
(b) If there is no taker under paragraph (a), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
(Added to NRS by 2017, 1376)
NRS 162B.345 Disposition of unappointed property under released or unexercised general power. 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 paragraph (b), the unappointed property passes to:
(1) The powerholder if the powerholder is a permissible appointee and living; or
(2) 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 paragraph (a), the unappointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
(Added to NRS by 2017, 1376)
NRS 162B.350 Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises or fails to exercise a nongeneral power of appointment:
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, the unappointed property:
(a) Passes to the permissible appointees if:
(1) The permissible appointees are defined and limited; and
(2) The terms of the instrument creating the power do not manifest a contrary intent; or
(b) If there is no taker under paragraph (a), passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.
(Added to NRS by 2017, 1377)
NRS 162B.355 Disposition of unappointed property if partial appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property.
(Added to NRS by 2017, 1377)
NRS 162B.360 Appointment to taker in default. If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes under the clause.
(Added to NRS by 2017, 1377)
NRS 162B.365 Powerholder’s authority to revoke or amend exercise; exceptions. A powerholder may revoke or amend an exercise of a power of appointment unless:
1. The terms of the instrument exercising the power of appointment expressly state that the exercise is irrevocable or unamendable;
2. The terms of the instrument creating the power of appointment expressly state that the exercise is irrevocable or unamendable; or
3. The property is subject to a present exercisable power of appointment that has been delivered to the permissible appointee in whose favor the power was exercised, regardless of whether such delivery was made outright, in trust or as custodial property pursuant to chapter 167 of NRS.
(Added to NRS by 2017, 1377; A 2019, 1858)
DISCLAIMER OR RELEASE; CONTRACT TO APPOINT OR NOT TO APPOINT
NRS 162B.400 Disclaimer. As provided by chapter 120 of NRS:
1. A powerholder 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.
(Added to NRS by 2017, 1377)
NRS 162B.410 Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release.
(Added to NRS by 2017, 1377)
NRS 162B.420 Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part:
1. By substantial compliance with a method provided in the terms of the instrument creating the power; or
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 a record manifesting the powerholder’s intent by clear and convincing evidence.
(Added to NRS by 2017, 1377)
NRS 162B.430 Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that:
1. The instrument of release is revocable by the powerholder; or
2. The powerholder reserves a power of revocation or amendment in the instrument of release.
(Added to NRS by 2017, 1378)
NRS 162B.440 Power to contract: Presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract:
1. Not to exercise the power; or
2. To exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
(Added to NRS by 2017, 1378)
NRS 162B.450 Power to contract: Power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder:
1. Is also the donor of the power; and
2. Has reserved the power in a revocable trust.
(Added to NRS by 2017, 1378)
NRS 162B.460 Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder’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.
(Added to NRS by 2017, 1378)
RIGHTS OF POWERHOLDER’S CREDITORS IN APPOINTIVE PROPERTY
NRS 162B.500 Creditor claim: General power created by powerholder.
1. Appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of the powerholder or of the powerholder’s estate to the extent provided in chapter 112 of NRS.
2. Subject to subsection 1, appointive property subject to a general power of appointment created by the powerholder is not subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent the powerholder irrevocably appointed the property in favor of a person other than the powerholder or the powerholder’s estate.
3. Subject to subsections 1 and 2, and notwithstanding the presence of a spendthrift provision or whether the claim arose before or after the creation of the power of appointment, appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of:
(a) The powerholder, to the same extent as if the powerholder owned the appointive property, if the power is presently exercisable; and
(b) The powerholder’s estate, to the extent the estate is insufficient to satisfy the claim and subject to the right of a decedent to direct the source from which liabilities are paid, if the power is exercisable at the powerholder’s death.
4. As used in this section, “power of appointment created by the powerholder” includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer.
(Added to NRS by 2017, 1378)
NRS 162B.510 Certain property exempt from creditor claims.
1. Appointive property subject to a general power of appointment created by a person other than the powerholder is not subject to a claim of any creditor, unless the power of appointment was actually exercised in favor of the decedent or the decedent’s estate pursuant to subparagraph (1) of paragraph (a) of subsection 12 of NRS 111.779.
2. Subject to subsection 3 of NRS 162B.530, a power of appointment created by a person other than the powerholder which is subject to an ascertainable standard relating to an individual’s health, education, support or maintenance within the meaning of 26 U.S.C. § 2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), as those provisions existed on October 1, 2017, is treated for purposes of NRS 162B.500 to 162B.530, inclusive, as a nongeneral power.
(Added to NRS by 2017, 1378; A 2019, 1858)
NRS 162B.520 Power to withdraw.
1. For purposes of NRS 162B.500 to 162B.530, inclusive, and except as otherwise provided in subsection 2, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw.
2. On the lapse, release or waiver of a power to withdraw property from a trust, the power is treated as a presently exercisable general power of appointment only to the extent the value of the property affected by the lapse, release or waiver exceeds the greater of the amount specified in 26 U.S.C. § 2041(b)(2) and 26 U.S.C. § 2514(e) or the amount specified in 26 U.S.C. § 2503(b), as that section existed on October 1, 2017.
(Added to NRS by 2017, 1379)
NRS 162B.530 Creditor claim: Nongeneral power.
1. Except as otherwise provided in subsections 2 and 3, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.
2. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of any provision of chapter 112 of NRS.
3. If the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated for purposes of NRS 162B.500 to 162B.530, inclusive, as a general power.
(Added to NRS by 2017, 1379)
MISCELLANEOUS PROVISIONS
NRS 162B.600 Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
(Added to NRS by 2017, 1379)
NRS 162B.610 Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit or supersede Section 101(c) of that act, 15 U.S.C. § 7001(c) or authorize electronic delivery of any of the notices described in Section 103(b) of that act, 15 U.S.C. § 7003(b).
(Added to NRS by 2017, 1379)
NRS 162B.620 Application to existing relationships.
1. Except as otherwise provided in this chapter:
(a) This chapter applies to a power of appointment created before, on or after October 1, 2017;
(b) This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after October 1, 2017;
(c) This chapter applies to a judicial proceeding concerning a power of appointment commenced before October 1, 2017, unless the court finds that application of a particular provision of this chapter would interfere substantially with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of this chapter does not apply and the superseded law applies;
(d) A rule of construction or presumption provided in this chapter applies to an instrument executed before October 1, 2017, unless there is a clear indication of a contrary intent in the terms of the instrument; and
(e) Except as otherwise provided in this subsection, an action done before October 1, 2017, is not affected by this chapter.
2. If a right is acquired, extinguished or barred on the expiration of a prescribed period that commenced under law of this State other than this chapter before October 1, 2017, the law continues to apply to the right.
(Added to NRS by 2017, 1379)