Virginia Code 64.2-2711: Rules of classification.
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A. As used in this section, “adverse party” means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder‘s exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate.
Terms Used In Virginia Code 64.2-2711
- 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
- Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
B. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
C. Only a power of appointment whose permissible appointees are defined and limited can be nonexclusionary.
2016, c. 266.