Virginia Code 64.2-2700: Definitions.
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 64.2-2700
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Virginia Code 64.2-2700
- Appointive property: means the property or property interest subject to a power of appointment. See Virginia Code 64.2-2700
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- General power of appointment: means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Virginia Code 64.2-2700
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Instrument: means a record. See Virginia Code 64.2-2700
- Person: means an individual; estate; trust; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity. 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-2700
- Specific-exercise clause: means a clause in an instrument which specifically refers to and exercises a particular 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
“Appointee” means a person to which a powerholder makes an appointment of appointive property.
“Appointive property” means the property or property interest subject to a power of appointment.
“Blanket-exercise clause” means a clause in an instrument which exercises a power of appointment and is not a specific-exercise clause. “Blanket-exercise clause” includes a clause that:
1. Expressly uses the words “any power” in exercising any power of appointment the powerholder has;
2. Expressly uses the words “any property” in appointing any property over which the powerholder has a power of appointment; or
3. Disposes of all property subject to disposition by the powerholder.
“Donor” means a person that creates a power of appointment.
“Exclusionary power of appointment” means a power of appointment exercisable in favor of any one or more of the permissible appointees to the exclusion of the other permissible appointees.
“General power of appointment” means a power of appointment exercisable in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate.
“Gift-in-default clause” means a clause in the instrument creating the power identifying a taker in default of appointment.
“Impermissible appointee” means a person that is not a permissible appointee.
“Instrument” means a record.
“Nongeneral power of appointment” means a power of appointment that is not a general power of appointment.
“Permissible appointee” means a person in whose favor a powerholder may exercise a power of appointment.
“Person” means an individual; estate; trust; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity.
“Powerholder” means a person in which a donor creates a power of appointment.
“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. “Power of appointment” does not include a power of attorney.
“Presently exercisable power of appointment” means a power of appointment exercisable by the powerholder at the relevant time. “Presently exercisable power of appointment”:
1. Includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time only after:
a. The occurrence of the specified event;
b. The satisfaction of the ascertainable standard; or
c. The passage of the specified time; and
2. Does not include a power exercisable only at the powerholder’s death.
“Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
“Specific-exercise clause” means a clause in an instrument which specifically refers to and exercises a particular power of appointment.
“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.
“Terms of the instrument” means the manifestation of the intent of the maker of the instrument regarding the instrument’s provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding.
1944, p. 67; Michie Suppl. 1946, § 5440(1); Code 1950, § 55-278; 2012, c. 614; 2016, c. 266.