Virginia Code 64.2-2732: Power to contract; presently exercisable power of appointment.
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A powerholder of a presently exercisable power of appointment may contract:
Terms Used In Virginia Code 64.2-2732
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Virginia Code 64.2-2700
- Contract: A legal written agreement that becomes binding when signed.
- 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. Not to exercise the power; or
2. To exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
2016, c. 266.