Virginia Code 64.2-2731: Revocation or amendment of release.
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A powerholder may revoke or amend a release of a power of appointment only to the extent that:
Terms Used In Virginia Code 64.2-2731
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
1. The instrument of release is revocable by the powerholder; or
2. The powerholder reserves a power of revocation or amendment in the instrument of release.
2016, c. 266.