2013 Code of Virginia
Title 64.2 - WILLS, TRUSTS, AND FIDUCIARIES.
Chapter 27 - Release of Powers of Appointment
Section 64.2-2703 - Notice of release; recordation; fee.

§ 64.2-2703. Notice of release; recordation; fee.

A. A fiduciary or other person, association, or corporation having possession or control of any property subject to a power of appointment, other than the donee of such power, shall not be deemed to have notice of a release of the power until the original or a copy of the release is delivered to such fiduciary or other person, association, or corporation.

B. A purchaser or mortgagee of any real property subject to a power of appointment, without actual notice of the release, shall not be deemed to have notice of a release of the power until (i) the original or a copy of the release is recorded in the circuit court clerk's office in the county or city in which the real property is located, (ii) the deed, will, or other instrument creating the power, or a certified copy thereof, is recorded in the same clerk's office, and (iii) an appropriate notation is entered on the margin of the will or deed book where the instrument creating the power is recorded referring to the deed book and page where the release is recorded.

C. No release shall be invalid or ineffective for failing to comply with subsection A or B.

D. The clerk shall record a release of a power of appointment in the deed book and index the release in the daily and general indexes with the name of the donee being entered on the grantor index. For each such recordation, the clerk shall be paid a fee in the amount applicable to the recordation of deeds as set forth in subdivision A 2 of § 17.1-275 and an additional fee of $5.

(1944, p. 68; Michie Suppl. 1946, §§ 5440(6), 5440(7), 5440(8), 5440(9); Code 1950, §§ 55-283, 55-284, 55-285, 55-286; 2012, c. 614.)