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Exercisable: A Comprehensive Guide to Its Legal Meaning and Use
Definition & Meaning
The term exercisable refers to the ability to exercise, apply, or utilize a particular power or right. In legal contexts, it often describes powers that can be enacted or invoked by an individual or entity, such as the authority to make decisions, appoint individuals, or manage assets. For example, a power of appointment may be exercisable immediately or only under certain conditions as specified in legal documents.
Table of content
Legal Use & context
In legal practice, the term exercisable is frequently used in areas such as estate planning, corporate governance, and powers of appointment. It can appear in statutes and legal documents where specific rights or powers are granted to individuals or organizations. For instance, a board of directors may have exercisable powers that allow them to make decisions on behalf of a company, provided they meet certain quorum requirements. Users can manage these powers through legal forms and templates, such as those available from US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A will may grant a trustee the exercisable power to manage and distribute assets to beneficiaries upon the death of the testator.
Example 2: In corporate law, if a board of directors has the exercisable power to appoint new members, they can do so as long as they meet the required quorum.
State-by-state differences
Examples of state differences (not exhaustive):
State
Variation
Michigan
Defines exercisable powers in terms of general and special powers in estate law.
California
Allows for broader definitions of exercisable powers in corporate governance.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Difference
General Power
A power exercisable in favor of the donee or others.
Exercisable refers to the ability to act, while general power defines the scope of that ability.
Special Power
A power exercisable only in favor of specific individuals.
Special power is a subset of exercisable powers with restrictions on who can benefit.
Common misunderstandings
What to do if this term applies to you
If you believe you have an exercisable power, review the relevant legal documents to understand the conditions and limitations. If necessary, consult a legal professional to ensure you are acting within your rights. Additionally, consider utilizing US Legal Forms' templates to help manage your legal responsibilities effectively.
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