15-2.5-311. Disposition of unappointed property under released or unexercised nongeneral pow

15-2.5-311. Disposition of unappointed property under released or unexercised nongeneral power. (1) To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (a) The gift-in-default clause controls the disposition of the unappointed property; or (b) If there is no gift-in-default clause, or to the extent the clause is ineffective, the unappointed property: (I) Passes to the permissible appointees if: (A) The permissible appointees are defined and limited; and (B) The terms of the instrument creating the power do not manifest a contrary intent; or (II) If there is no taker under subparagraph (I) of this paragraph (b), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.