72-7-502. Creditor claim -- general power not created by powerholder. (1) Except as otherwise provided in subsection (2), appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of:
     (a) the powerholder, to the extent the powerholder's property is insufficient, if the power is presently exercisable; and
     (b) the powerholder's estate, to the extent the estate is insufficient, subject to the right of a decedent to direct the source from which liabilities are paid.
     (2) Subject to 72-7-504(3), a power of appointment created by a person other than the powerholder that is subject to an ascertainable standard relating to an individual's health, education, support, or maintenance within the meaning of 26 U.S.C. Section 2041(b)(1)(A) or 26 U.S.C. Section 2514(c)(1), on October 1, 2015, is treated for purposes of this act as a nongeneral power.

     History: En. Sec. 33, Ch. 293, L. 2015.