power of appointment

power of appointment. A power created or reserved by a person having property subject to disposition, enabling the donee of the power to designate transferees of the property or shares in which it will be received; esp., a power conferred on a donee by will or deed to select and determine one or more recipients of the donor’s estate or income. • If the power is exercisable before the donee’s death, it is exercisable wholly in favor of the donee. If the power is testamentary, it is exercisable wholly in favor of the donee’s estate. — Often shortened to power.

— Also termed enabling power. [Cases: Powers 19; Wills 589. C.J.S. Powers §§ 15–16.]

general power of appointment. A power of appointment by which the donee can appoint — that is, dispose of the donor’s property — in favor of anyone at all, including oneself or one’s own estate; esp., a power that authorizes the alienation of a fee to any alienee. — Often shortened to general power. [Cases: Powers 19; Wills 589. C.J.S. Powers §§ 15–16.]

limited power of appointment. A power of appointment that either does not allow the entire estate to be conveyed or restricts to whom the estate may be conveyed; esp., a power by which the donee can appoint to only the person or class specified in the instrument creating the power, but cannot appoint to oneself or one’s own estate. — Often shortened to limited power.

— Also termed special power of appointment. [Cases: Powers 19; Wills 589. C.J.S. Powers §§ 15–16.]

special power of appointment. See limited power of appointment.

testamentary power of appointment (tes-t[schwa]-men-t[schwa]-ree or – tree). A power of appointment created by a will. — Often shortened to testamentary power. [Cases: Wills 589.]

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词条贡献者

译员蓉婧，欧洲知名商学院国际金融专业，专注翻译各种与美国证券法律有关的法律文件。