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§ 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.

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.

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