Virginia Code 55.1-125: When nonvested property interest or power of appointment created
A. Except as provided in subsections B and C and in § 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.
Terms Used In Virginia Code 55.1-125
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
B. For the purposes of §§ 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 in § 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 §§ 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.