Virginia Code 64.2-2713: Requisites for exercise of power of appointment.
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A power of appointment is exercised only:
Terms Used In Virginia Code 64.2-2713
- 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
- 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. See Virginia Code 64.2-2700
1. If the instrument exercising the power is valid under applicable law;
2. If the terms of the instrument exercising the power:
a. Manifest the powerholder‘s intent to exercise the power; and
b. Subject to § 64.2-2716, satisfy the requirements of exercise, if any, imposed by the donor; and
3. To the extent that the appointment is a permissible exercise of the power.
2016, c. 266.