The holder of a power of appointment may represent and bind persons whose interests as permissible appointees or takers in default are subject to the power. A qualified power of appointment is a power exercisable in favor of:

1. (1) The power holder, the power holder’s estate, the power holder’s creditors and the creditors of the power holder’s estate; or
2. (2) All persons other than the power holder, the power holder’s estate, the power holder’s creditors, and the creditors of the power holder’s estate.

History

Mar. 10, 2004, D.C. Law 15-104, § 2(b), 51 DCR 208

Editor's Notes

Uniform Law: This section is based upon § 302 of the Uniform Trust Code.