Virginia Code 64.2-2608: Disclaimer by appointee, object, or taker in default of exercise of power of appointment
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A. A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.
Terms Used In Virginia Code 64.2-2608
- Disclaimer: means the refusal to accept an interest in or power over property. See Virginia Code 64.2-2600
B. A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.