Virginia Code 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 under the clause.
Terms Used In Virginia Code 64.2-2725
- Appointee: means a person to which a powerholder makes an appointment of appointive property. 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
- 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
- Taker in default of appointment: means a person that takes all or part of the appointive property to the extent that the powerholder does not effectively exercise the power of appointment. See Virginia Code 64.2-2700
2016, c. 266.