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2018 Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 27 - Uniform Powers of Appointment Act
§ 64.2-2723. Disposition of unappointed property under released or unexercised nongeneral power
Universal Citation: VA Code § 64.2-2723 (2018)
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.
2016, c. 266.
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