                                 CODE OF VIRGINIA

DEFINITIONS (§ 64.2-2700)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Appointee&#8221; means a person to which a powerholder makes an
appointment of appointive property.
		&#8220;Appointive property&#8221; means the property or property interest
subject to a power of appointment.
		&#8220;Blanket-exercise clause&#8221; means a clause in an instrument which
exercises a power of appointment and is not a specific-exercise clause.
&#8220;Blanket-exercise clause&#8221; includes a clause that:

1. Expressly uses the words &#8220;any power&#8221; in exercising any power of
appointment the powerholder has;

2. Expressly uses the words &#8220;any property&#8221; in appointing any
property over which the powerholder has a power of appointment; or

3. Disposes of all property subject to disposition by the powerholder.
			&#8220;Donor&#8221; means a person that creates a power of appointment.
			&#8220;Exclusionary power of appointment&#8221; means a power of appointment
exercisable in favor of any one or more of the permissible appointees to the
exclusion of the other permissible appointees.
			&#8220;General power of appointment&#8221; means a power of appointment
exercisable in favor of the powerholder, the powerholder&#8217;s estate, a
creditor of the powerholder, or a creditor of the powerholder&#8217;s estate.
			&#8220;Gift-in-default clause&#8221; means a clause in the instrument
creating the power identifying a taker in default of appointment.
			&#8220;Impermissible appointee&#8221; means a person that is not a
permissible appointee.
			&#8220;Instrument&#8221; means a record.
			&#8220;Nongeneral power of appointment&#8221; means a power of appointment
that is not a general power of appointment.
			&#8220;Permissible appointee&#8221; means a person in whose favor a
powerholder may exercise a power of appointment.
			&#8220;Person&#8221; means an individual; estate; trust; business or
nonprofit entity; public corporation; government or governmental subdivision,
agency, or instrumentality; or other legal entity.
			&#8220;Powerholder&#8221; means a person in which a donor creates a power of
appointment.
			&#8220;Power of appointment&#8221; means a power that enables a powerholder
acting in a nonfiduciary capacity to designate a recipient of an ownership
interest in or another power of appointment over the appointive property.
&#8220;Power of appointment&#8221; does not include a power of attorney.
			&#8220;Presently exercisable power of appointment&#8221; means a power of
appointment exercisable by the powerholder at the relevant time.
&#8220;Presently exercisable power of appointment&#8221;:

1. Includes a power of appointment not exercisable until the occurrence of a
specified event, the satisfaction of an ascertainable standard, or the passage
of a specified time only after:
			a. The occurrence of the specified event;
			b. The satisfaction of the ascertainable standard; or
			c. The passage of the specified time; and

2. Does not include a power exercisable only at the powerholder&#8217;s death.
			&#8220;Record&#8221; means information that is inscribed on a tangible medium
or that is stored in an electronic or other medium and is retrievable in
perceivable form.
			&#8220;Specific-exercise clause&#8221; means a clause in an instrument which
specifically refers to and exercises a particular power of appointment.
			&#8220;Taker in default of appointment&#8221; means a person that takes all
or part of the appointive property to the extent that the powerholder does not
effectively exercise the power of appointment.
			&#8220;Terms of the instrument&#8221; means the manifestation of the intent
of the maker of the instrument regarding the instrument&#8217;s provisions as
expressed in the instrument or as may be established by other evidence that
would be admissible in a legal proceeding.

HISTORY: 1944, p. 67; Michie Suppl. 1946, § 5440(1); Code 1950, § 55-278;
2012, c. 614; 2016, c. 266.