As used in this chapter:”Donee” means any person, whether a resident or nonresident of the Commonwealth, who has the right to exercise a power either alone or with another.”Object” means the person in whose favor the power may be exercised.”Power” includes (i) any power to appoint or designate to whom property shall go; (ii) any power to invade property; (iii) any power to alter, amend, or revoke any instrument under which an estate or trust is held or created or to terminate any right or interest thereunder; and (iv) any power remaining when one or more partial releases have been made with respect to a power, regardless of (a) whether the power is vested, contingent, or conditional; (b) whether the power is classified in law or known as a power in gross, a power appendant, a power appurtenant, a collateral power, a general, special or limited power, an exclusive or nonexclusive power, or otherwise; and (c) when, in what manner, or in whose favor it may be exercised.”Property” means any real or personal property and any interest in or income from property that is subject to the power.”Release” means renunciation, relinquishment, surrender, refusal to accept, extinguishment, or any other form of release.

History

1944, p. 67; Michie Suppl. 1946, § 5440(1); Code 1950, § 55-278; 2012, c. 614.