(a)
To the extent that the property owned by the donee is inadequate to satisfy the claims of the donee’s creditors, property subject to a general power of appointment that is presently exercisable is subject to the claims to the same extent that it would be subject to the claims if the property were owned by the donee.
(b)
Upon the death of the donee, to the extent that the donee’s estate is inadequate to satisfy the claims of creditors of the estate and the expenses of
administration of the estate, property subject to a general testamentary power of appointment or to a general power of appointment that was presently exercisable at the time of the donee’s death is subject to the claims and expenses to the same extent that it would be subject to the claims and expenses if the property had been owned by the donee.
(c)
This section applies whether or not the power of appointment has been exercised.