Virginia Code 64.2-2727: Disclaimer.
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As provided by Chapter 26 (§ 64.2-2600 et seq.):
Terms Used In Virginia Code 64.2-2727
- Appointee: means a person to which a powerholder makes an appointment of appointive property. See Virginia Code 64.2-2700
- Appointive property: means the property or property interest subject to a power of appointment. See Virginia Code 64.2-2700
- Power of appointment: 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. See Virginia Code 64.2-2700
- Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
- Taker in default of appointment: 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. See Virginia Code 64.2-2700
1. A powerholder may disclaim all or part of a power of appointment.
2. A permissible appointee, appointee, or taker in default of appointment may disclaim all or part of an interest in appointive property.
2016, c. 266.