CHAPTER 6. POWERS OF APPOINTMENT-RENUNCIATION OR EXERCISE
IC 32-17-6
Chapter 6. Powers of Appointment-Renunciation or Exercise
IC 32-17-6-1
Application of chapter
Sec. 1. This chapter applies to a person who holds a power of
appointment under any of the following:
(1) A last will and testament of a decedent.
(2) A deed.
(3) An indenture of trust inter vivos.
(4) An insurance policy.
(5) Any other contract or instrument.
As added by P.L.2-2002, SEC.2.
IC 32-17-6-2
Execution of instruments; renouncing or exercising power
Sec. 2. A person described in section 1 of this chapter may
execute an appropriate written instrument to, in whole or in part:
(1) renounce the person's right of appointment; or
(2) exercise the person's power of appointment one (1) or more
times.
As added by P.L.2-2002, SEC.2.
IC 32-17-6-3
Renouncing right of appointment
Sec. 3. A renouncement of a right of appointment is final and
irrevocable unless the right to revoke the renouncement or to
repossess the right of appointment is expressly reserved in the
instrument of renouncement.
As added by P.L.2-2002, SEC.2.
IC 32-17-6-4
Power of appointment
Sec. 4. Unless a person exercising a power of appointment
expressly renounces and surrenders the right to revoke an
appointment in the instrument of appointment, the person may
subsequently revoke the appointment and may periodically:
(1) exercise;
(2) revoke the exercise of; and
(3) reexercise the power of appointment.
As added by P.L.2-2002, SEC.2.
IC 32-17-6-5
Effect of subsequent appointment
Sec. 5. A subsequent exercise of a right of appointment is a
revocation of all prior appointments to the extent that the subsequent
appointment conflicts or is inconsistent with any prior appointments.
As added by P.L.2-2002, SEC.2.
IC 32-17-6-6
Last unrevoked appointment
Sec. 6. The last unrevoked exercise of a power of appointment is
effective and controlling.
As added by P.L.2-2002, SEC.2.