Virginia Code 64.2-2716: Substantial compliance with donor-imposed formal requirement.
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A powerholder‘s substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if:
Terms Used In Virginia Code 64.2-2716
- Donor: The person who makes a gift.
- Donor: means a person that creates a power 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. The powerholder knows of and intends to exercise the power; and
2. The powerholder’s manner of attempted exercise of the power does not impair a material purpose of the donor in imposing the requirement.
2016, c. 266.