(a) The exercise of an imperative power of appointment devolves upon the supreme court or, in the case of a will, the surrogate's court in the following cases:
(1) Failure to designate the donee.
(2) Death of the designated donee without exercising the power.
(3) Incompetence of the sole donee.
(4) Defective exercise of the power, either wholly or in part, by the donee.
(b) Where an imperative power of appointment:
(1) Is exclusive, and the donee dies without exercising the power, it must be exercised for the benefit of all of the appointees equally.
(2) Has been exercised defectively by the donee, it may be properly exercised in favor of persons intended to be benefited by the donee.
(3) Has been exercised defectively by the donee, a purchaser for a valuable consideration claiming under such defective exercise is entitled to the same relief as a similar purchaser claiming under a defective disposition from an actual owner.
(4) Is non-exclusive, and the right of the appointee is assignable, creditors or assignees of such appointee can compel the exercise of such power for their benefit.
(5) Is non-exclusive, the committee of an appointee or his assignee for the benefit of creditors can compel the exercise of such power.
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