1. 1. Power of appointment In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.

   [PL 2019, c. 301, §8 (NEW).]

2. 2. Exclusions This Act does not apply to a:

   1. A. Power of appointment;

      [PL 2019, c. 301, §8 (NEW).]

   2. B. Power to appoint or remove a trustee or trust director;

      [PL 2019, c. 301, §8 (NEW).]

   3. C. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;

      [PL 2019, c. 301, §8 (NEW).]

   4. D. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:

      1. (1) The beneficiary; or

      2. (2) Another beneficiary represented by the beneficiary under the Maine Uniform Trust Code, sections 301 to 305 with respect to the exercise or nonexercise of the power; or

         [PL 2019, c. 301, §8 (NEW).]

   5. E. Power over a trust if:

      1. (1) The terms of the trust provide that the power is held in a nonfiduciary capacity; and

      2. (2) The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2017.

         [PL 2019, c. 301, §8 (NEW).]

   [PL 2019, c. 301, §8 (NEW).]

3. 3. Power of direction Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property that is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.

   [PL 2019, c. 301, §8 (NEW).]

PL 2019, c. 301, §8 (NEW).