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27 chapters · 765 sections in this title.
Va. Code Ann. § 64.2-2723 Disposition of unappointed property under released or unexercised nongeneral power
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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 cl…
Va. Code Ann. § 64.2-2724 Disposition of unappointed property if partial appointment to taker in default
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Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property.
Va. Code Ann. § 64.2-2725 Appointment to taker in default
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If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes und…
Va. Code Ann. § 64.2-2726 Powerholder's authority to revoke or amend exercise
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A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: 1. The powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment, and if the power is nongeneral, the terms of the instrument creat…