Virginia Code 64.2-2715: Intent to exercise; after-acquired power.
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Unless the terms of the instrument exercising a power of appointment manifest a contrary intent:
Terms Used In Virginia Code 64.2-2715
- Blanket-exercise clause: includes a clause that:
1. See Virginia Code 64.2-2700
- Gift-in-default clause: means a clause in the instrument creating the power identifying a taker in default of appointment. See Virginia Code 64.2-2700
- Instrument: means a record. See Virginia Code 64.2-2700
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Virginia Code 64.2-2700
- Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
1. Except as otherwise provided in subdivision 2, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; and
2. If the powerholder is also the donor of the power, the clause does not extend to the power unless there is no gift-in-default clause or the gift-in-default clause is ineffective.
2016, c. 266.