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Case Citations [1] (July 2019 - April 2020)

handle is hein.ali/relwprpty0258 and id is 1 raw text is: PROPERTY DIVISION 3. FUTURE INTERESTS PART 4. SPECIAL TOPICS CHAPTER 25. POWERS OF APPOINTMENT TOPIC 1. DEFINITIONS § 318. Definition-Power of Appointment W.D.Tex.Bkrtcy.Ct.2019. Subsec. (1) and com. (2) cit. in case cit. in sup.; illus. 1 quot. in sup. In Chapter 7 proceedings, trustee objected to, among other things, debtor's claim of a homestead exemption in a house that he and his wife had purchased in their individual capacities and later transferred to a living trust. After a bench trial, this court sustained trustee's objections in part, holding that the house lost its homestead-exemption protections when it was transferred to the trust, because the trust was not a qualified trust under the property code. The court rejected debtor's argument that the trust was qualified because it provided that he or wife, as settlors or beneficiaries of the trust, had the right to exercise an inter vivos general power of appointment over the house within the meaning of Restatement of Property §§ 318 and 319, noting that the provision of the trust relied on by debtor merely allowed debtor or wife to remove the house from the trust, and did not give them the right to alter the disposition of the house or create interests in the house in any appointees. In re Cyr, 605 B.R. 784, 803. § 319. Definitions-Donor, Donee, Objects, Appointees, Takers in Default, Property Covered by a Power, Owned Interest W.D.Tex.Bkrtcy.Ct.2019. Com. (f) cit. in sup. In Chapter 7 proceedings, trustee objected to, among other things, debtor's claim of a homestead exemption in a house that he and his wife had purchased in their individual capacities and later transferred to a living trust. After a bench trial, this court sustained trustee's objections in part, holding that the house lost its homestead-exemption protections when it was transferred to the trust, because the trust was not a qualified trust under the property code. The court rejected debtor's argument that the trust was qualified because it provided that he or wife, as settlors or beneficiaries of the trust, had the right to exercise an inter vivos general power of appointment over the house within the meaning of Restatement of Property §§ 318 and 319, noting that the provision of the trust relied on by debtor merely allowed debtor or wife to remove the house from the trust, and did not give them the right to alter the disposition of the house or create interests in the house in any appointees. In re Cyr, 605 B.R. 784, 803. TOPIC 2. CREATION OF POWERS § 323. Intent to Create a Power COPYRIGHT 02020 By THE AMERICAN LAW INSTITUTE All rights reserved AJI Printed in the United States of America .1 owIm-- For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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