§ 64.2-2721 Capture doctrine; disposition of ineffectively appointed property under general power
To the extent that a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment:
1. The gift-in-default clause controls the disposition of the ineffectively appointed property; or
2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the ineffectively appointed property: a. Passes to:
1. The powerholder if the powerholder is a permissible appointee and living; or
2. If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee; 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.
History
This law was first created in 2016. The record of its establishment is cataloged in chapter 266 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2016, c. 266.