72-16-302. Transfer under power of appointment. (1) To the extent of any property with respect to which the decedent has at the time of his death a general power of appointment, such property shall be considered to have been transferred in a transfer taxable under the provisions of parts 1 through 8, whether or not the decedent exercised the power of appointment.
     (2) The term "general power of appointment" means a power that is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate, except that a power to consume, invade, or appropriate property for the benefit of the decedent which is limited by an ascertainable standard relating to the health, education, support, or maintenance of the decedent may not be considered a general power of appointment.

     History: En. Sec. 1, Ch. 65, L. 1923; amd. Sec. 1, Ch. 150, L. 1925; amd. Sec. 1, Ch. 105, L. 1927; amd. Sec. 1, Ch. 186, L. 1935; re-en. Sec. 10400.1, R.C.M. 1935; R.C.M. 1947, 91-4404; amd. Sec. 26, Ch. 582, L. 1989.