§ 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. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
C. Only a power of appointment whose permissible appointees are defined and limited can be nonexclusionary.
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.