Virginia § 64.2-2723 Disposition of unappointed property under released or unexercised nongeneral power

Virginia Statutes

§ 64.2-2723 — Disposition of unappointed property under released or unexercised nongeneral power

Virginia § 64.2-2723

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle VPROVISIONS APPLICABLE TO PROBATE AND NONPROBATE TRANSFERS

Ch. 27UNIFORM POWERS OF APPOINTMENT ACT

Art. 3EXERCISE OF POWER OF APPOINTMENT

This text of Virginia § 64.2-2723 (Disposition of unappointed property under released or unexercised nongeneral power) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-2723 (2026).

Text

To the extent that a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: 1. The gift-in-default clause controls the disposition of the unappointed property; or 2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property: a. Passes to the permissible appointees if:

(1)The permissible appointees are defined and limited; and

(2)The terms of the instrument creating the power do not manifest a contrary intent; or b. If there is no taker under subdivision 2 a, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

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To the extent that a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

1. The gift-in-default clause controls the disposition of the unappointed property; or

2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property:

a. Passes to the permissible appointees if:

(1) The permissible appointees are defined and limited; and

(2) The terms of the instrument creating the power do not manifest a contrary intent; or

b. If there is no taker under subdivision 2 a, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.