                                 CODE OF VIRGINIA

WHEN NONVESTED PROPERTY INTEREST OR POWER OF APPOINTMENT CREATED (§ 55.1-125)

A. Except as provided in this section and in subsection B of &#xA7; 55.1-128,
the time of creation of a nonvested property interest or a power of appointment
is determined under general principles of property law.

B. For the purposes of &#xA7;&#xA7; 55.1-124 through 55.1-129, if there is a
person who alone can exercise a power created by a governing instrument to
become the unqualified beneficial owner of (i) a nonvested property interest or
(ii) a property interest subject to a power of appointment described in
subsection B or C of &#xA7; 55.1-124, the nonvested property interest or power
of appointment is created when the power to become the unqualified beneficial
owner terminates.

C. For the purposes of &#xA7;&#xA7; 55.1-124 through 55.1-129, a nonvested
property interest or a power of appointment arising from a transfer of property
to a previously funded trust or other existing property arrangement is created
when the nonvested property interest or power of appointment in the original
contribution was created.

D. For the purposes of &#xA7;&#xA7; 55.1-124 through 55.1-129, except as
provided in subsection B of &#xA7; 55.1-128, if a nongeneral or testamentary
power of appointment is exercised to create another nongeneral or testamentary
power of appointment, every nonvested property interest or power of appointment
created through the exercise of such other nongeneral or testamentary power is
considered to have been created at the time of the creation of the first
nongeneral or testamentary power of appointment.

HISTORY: 2000, c. 714, § 55-12.2; 2019, c. 712; 2024, cc. 52, 123.