Virginia Code 64.2-2719: Impermissible appointment.
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A. An exercise of a power of appointment in favor of an impermissible appointee is ineffective.
Terms Used In Virginia Code 64.2-2719
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Virginia Code 64.2-2700
- Fraud: Intentional deception resulting in injury to another.
- Permissible appointee: means a person in whose favor a powerholder may exercise a power 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
B. An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent that the appointment is a fraud on the power.
2016, c. 266.