CODE OF VIRGINIA

DISPOSITION OF UNAPPOINTED PROPERTY UNDER RELEASED OR UNEXERCISED NONGENERAL
POWER (§ 64.2-2723)

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.

HISTORY: 2016, c. 266.