CODE OF VIRGINIA

NOTICE OF RELEASE; RECORDATION; FEE (§ 64.2-2730)

A. A fiduciary or other person, association, or corporation having possession or
control of any appointive property, other than the powerholder, shall not be
deemed to have notice of a release of the power of appointment until the
original or a copy of the release is delivered to such fiduciary or other
person, association, or corporation.

B. A purchaser or mortgagee of any real property subject to a power of
appointment, without actual notice of the release, shall not be deemed to have
notice of a release of power until (i) the original or a copy of the release is
recorded in the circuit court clerk’s office in the county or city in
which the real property is located, referencing the will or deed book where the
instrument creating the power is recorded, and (ii) the deed, will, or other
instrument creating the power of appointment, or a certified copy thereof, is
recorded in the same clerk’s office.

C. No release shall be invalid or ineffective for failing to comply with
subsection A or B.

D. The clerk shall record a release of a power of appointment in the deed book
and index the release in the daily and general indexes with the name of the
powerholder being entered on the grantor index. For each such recordation, the
clerk shall be paid a fee in the amount applicable to the recordation of deeds
as set forth in subdivision A 2 of § 17.1-275 and an additional fee of $ 5.

HISTORY: 2016, c. 266.