1. (a) To the extent there is no conflict of interest between the holder of a power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power.

2. (b) Subsection (a) applies to any power of appointment, including:

   1. (1) A power in which the permissible appointees include any one or more of:

      (A) The holder of the power;

      (B) The holder's creditors;

      (C) The holder's estate; and

      (D) The creditors of the holder's estate; or

   2. (2) A power of appointment in which the permissible appointees:

      (A) Excludes each of the persons described in subsection (b)(1), (b)(2), (b)(3), and (b)(4); and

      (B) May excluded any one or more other persons;

   3. (3) A testamentary power of appointment; and
   4. (4) A power of appointment exercisable during the holder's life.

Source. 2004, 130:1, eff. Oct. 1, 2004. 2017, 257:7, eff. July 18, 2017.