§ 64.2-2710. Exception to presumption of unlimited authority
Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: 1. The power is exercisable only at the powerholder’s death; and 2. The permissible appointees of the power do not include the powerholder’s estate, the powerholder’s creditors, or the creditors of the powerholder’s estate. 2016, […]
§ 64.2-2711. Rules of classification
A. As used in this section, “adverse party” means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder’s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate. B. […]
§ 64.2-2709. Presumption of unlimited authority
Subject to § 64.2-2711, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: 1. Presently exercisable; 2. Exclusionary; and 3. Except as otherwise provided in § 64.2-2710, general. 2016, c. 266.
§ 64.2-2708. Nontransferability
A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. 2016, c. 266.
§ 64.2-2706. Common law and principles of equity
The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or other law of the Commonwealth. 2016, c. 266.
§ 64.2-2707. Creation of power of appointment
A. A power of appointment is created only if: 1. The instrument creating the power: a. Is valid under applicable law; and b. Except as otherwise provided in subsection B, transfers the appointive property; and 2. The terms of the instrument creating the power manifest the donor’s intent to create in a powerholder a power […]
§ 64.2-2701. Repealed
Repealed by Acts 2016, c. 266, cl. 2.
§ 64.2-2705. Governing law
Unless the terms of the instrument creating a power of appointment manifest a contrary intent: 1. The creating, revocation, or amendment of the power is governed by the law of the donor’s domicile at the relevant time; and 2. The exercise, release, or disclaimer of the power, or the revocation or amendment of the exercise, […]
§ 64.2-2700. Definitions
As used in this chapter, unless the context requires a different meaning: “Appointee” means a person to which a powerholder makes an appointment of appointive property. “Appointive property” means the property or property interest subject to a power of appointment. “Blanket-exercise clause” means a clause in an instrument which exercises a power of appointment and […]