§ 64.2-2607 Disclaimer of power of appointment or other power not held in a fiduciary capacity
If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply:
1. If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
2. If the holder has exercised the power and the disclaimer is of a power other than a presently exercisable general power of appointment, the disclaimer takes effect immediately after the last exercise of the power.
3. The instrument creating the power is construed as if the power expired when the disclaimer became effective.
History
This law was first created in 2003. The record of its establishment is cataloged in chapter 253 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. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2012, chapter 614.
2003, c. 253, § 64.1-196.8; 2012, c. 614.