HB 1198 Summary

• Creates the Mississippi Uniform Powers of Appointment Act, codified in Title 91, Chapter 14 of the Mississippi Code, establishing comprehensive rules governing the creation, exercise, release, and disclaimer of powers of appointment.

• Defines key terms including "powerholder" (person holding the power), "appointive property" (property subject to the power), "permissible appointee" (person who may receive the appointment), and "general power of appointment" (exercisable in favor of the powerholder, their estate, or creditors).

• Establishes presumptions that powers of appointment are presently exercisable, exclusionary, and general unless the instrument creating the power manifests a contrary intent.

• Provides rules for exercising powers of appointment, including requirements for manifesting intent, substantial compliance with donor-imposed formalities, and treatment of impermissible appointments and unappointed property.

• Addresses creditors' rights to claim appointive property based on whether the power is general or nongeneral and who created the power, with specific treatment for powers subject to ascertainable standards relating to health, education, support, or maintenance.

• Amends existing sections of Chapter 91-15 to replace terminology ("donee" and "objects") with uniform act language ("powerholder" and "permissible appointee").

• Takes effect July 1, 2015, and applies retroactively to powers of appointment created before the effective date.