§ 64.2-2738 Creditor claim; nongeneral power
A. Except as otherwise provided in subsections B and C, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.
B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of Chapter 4 (§ 55.1-400 et seq.) of Title 55.1.
C. If the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated for purposes of this article as a general power.
History
This law was first created in 2016. The record of its establishment is cataloged in chapter 266 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2016, c. 266.