Code of Virginia (Last Updated:July 28, 2020) |
TITLE 64.2. Wills, Trusts, and Fiduciaries |
SUBTITLE V. Provisions Applicable to Probate and Nonprobate Transfers |
CHAPTER 27. Uniform Powers of Appointment Act |
ARTICLE 3. Exercise of Power of Appointment |
SECTION 64.2-2723. Disposition of unappointed property under released or unexercised nongeneral power |
SECTION 64.2-2723. Disposition of unappointed property under released or unexercised nongeneral power
To the extent that a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: 1. The gift-in-default clause controls the disposition of the unappointed property; or 2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property: a. Passes to the permissible appointees if: (1) The permissible appointees are defined and limited; and (2) The terms of the instrument creating the power do not manifest a contrary intent; or b. If there is no taker under subdivision 2 a, passes under a reversionary interest to the donor or the donor's transferee or successor in interest. 2016, c. 266 . |