2006 Code of Virginia § 55-12.2 - When nonvested property interest or power of appointment created

55-12.2. When nonvested property interest or power of appointment created.

A. Except as provided in subsections B and C and in 55-12.5, the time ofcreation of a nonvested property interest or a power of appointment isdetermined under general principles of property law.

B. For the purposes of 55-12.1 through 55-12.6, if there is a person whoalone can exercise a power created by a governing instrument to become theunqualified beneficial owner of (i) a nonvested property interest or (ii) aproperty interest subject to a power of appointment described in subsection Bor C in 55-12.1, the nonvested property interest or power of appointment iscreated when the power to become the unqualified beneficial owner terminates.

C. For the purposes of 55-12.1 through 55-12.6, a nonvested propertyinterest or a power of appointment arising from a transfer of property to apreviously funded trust or other existing property arrangement is createdwhen the nonvested property interest or power of appointment in the originalcontribution was created.

(2000, c. 714.)