§ 64.2-2741. Application to existing relationships
A. Except as otherwise provided in this chapter, on and after July 1, 2016: 1. This chapter applies to a power of appointment created before, on, or after July 1, 2016; 2. This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after July 1, 2016; 3. This chapter applies […]
§ 64.2-2740. Relation to Electronic Signatures in Global and National Commerce Act
This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in § 103(b) of that act, 15 U.S.C. […]
§ 64.2-2738. Creditor claim; nongeneral power
A. Except as otherwise provided in subsections B and C, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate. B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder […]
§ 64.2-2739. Uniformity of application and construction
In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. 2016, c. 266.
§ 64.2-2736. Creditor claim; general power not created by powerholder
A. Except as otherwise provided in subsection C, appointive property subject to a presently exercisable general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of the powerholder to the extent that the powerholder’s property is insufficient. B. Appointive property subject to a general power […]
§ 64.2-2737. Power to withdraw
A. For purposes of this article, and except as otherwise provided in subsection B, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw. B. On the […]
§ 64.2-2735. Creditor claim; general power created by powerholder
A. As used in this section, “power of appointment created by the powerholder” includes a power of appointment created in a transfer by another person to the extent that the powerholder contributed value to the transfer. B. Appointive property subject to a general power of appointment created by the powerholder is subject to a claim […]
§ 64.2-2732. Power to contract; presently exercisable power of appointment
A powerholder of a presently exercisable power of appointment may contract: 1. Not to exercise the power; or 2. To exercise the power if the contract when made does not confer a benefit on an impermissible appointee. 2016, c. 266.
§ 64.2-2733. Power to contract; power of appointment not presently exercisable
A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: 1. Is also the donor of the power; and 2. Has reserved the power in a revocable trust. 2016, c. 266.
§ 64.2-2734. Remedy for breach of contract to appoint or not to appoint
The remedy for a powerholder’s breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract. 2016, c. 266.