Exercisable Law and Legal Definition
Plain meaning of the term exercisable is something that can be exercised, employed or applied (such as exercising a power).
For example, the term exercisable appears in the Michigan Compiled Law Statutes Section 556.112 as:
(h) General power" means a power exercisable in favor of the donee, his estate, his creditors or the creditors of his estate, whether or not it is exercisable in favor of others. A power to appoint to any person or a power which is not expressly restricted as to appointees is a general power. A power may be general as to some property and special as to other property.
(i) "Special power" means a power exercisable only in favor of 1 or more persons not including the donee, his estate, his creditors or the creditors of his estate.
(l) A power of appointment is "presently" exercisable whenever the creating instrument does not manifest an intent that its exercise shall be solely by will or otherwise postponed.
Another example of a statute in Michigan using the term exercisable:
Michigan Compiled Law Statutes Section 487.12309 :
If at any time, because of the suspension or removal of 1 or more directors under this act, the board of directors of an institution has less than a quorum of directors, all powers and functions vested in or exercisable by the board shall vest in and be exercisable by the directors on the board not suspended or removed, until there is a quorum of the board of directors. If all of the directors of an institution are suspended or removed under this act, the commissioner shall appoint persons to serve temporarily as directors pending the termination of the suspensions or removals, or until their successors are duly elected and take office.