Code of Virginia § 64.2-2723. Disposition of unappointed property under released or unexercised nongeneral power.
111 words·~1 min read·
/va/title-64-2/chapter-27/64-2-2723·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
2016, c. 266 .