Intent to exercise; determining intent from residuary clause.

§ 31D-3-302. Intent to exercise; determining intent from residuary clause. A residuary clause that does not contain a blanket-exercisable clause or specific-exercise clause manifests the power holder's intent to exercise a power of appointment only if all of the following apply: (1) The terms of the instrument containing the residuary clause (including any valid codicil or amendment to the instrument) do not manifest a contrary intent. (2) The power is a general power exercisable in favor of the power holder's estate. (3) There is no gift-in-default clause or the clause is ineffective. (4) The power holder did not release the power.