2006 Code of Virginia § 55-7 - Power of disposal in life tenant not to defeat remainder unless exercised; power of disposal held b...

55-7. Power of disposal in life tenant not to defeat remainder unlessexercised; power of disposal held by fiduciary.

If any interest in or claim to real estate or personal property be disposedof by deed or will for life, with a limitation in remainder over, and in thesame instrument there be conferred expressly or by implication a power uponthe life tenant in his lifetime or by will to dispose absolutely of suchproperty, the limitation in remainder over shall not fail, or be defeated,except to the extent that the life tenant shall have lawfully exercised suchpower of disposal. A deed of trust or mortgage executed by the life tenantshall not be construed to be an absolute disposition of the estate therebyconveyed, unless there be a sale thereunder. A power of disposal held by anyperson in a fiduciary capacity under an express trust in writing shall not bedeemed to be held by such fiduciary in a beneficial capacity and shall not beconstrued in any manner to enlarge the beneficial interest otherwise given tohim under such trust.

(Code 1919, 5147; 1978, c. 659; 2005, c. 935.)