Business, Legal & Accounting Glossary
A power of appointment where there is no duty that it be exercised. This is sometimes distinguished from both a discretionary trust (also known as a ‘trust power’) and a ‘power in the nature of a trust’, where there is such a duty. Although the holder (or ‘donee’) of this power cannot be compelled to exercise it, he may sometimes be forced to consider doing so. Also known as a ‘collateral power’.
See also discretionary trust.
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This glossary post was last updated: 6th April, 2020 | 0 Views.