Virginia Code 64.2-2609: Disclaimer of power held in fiduciary capacity
Current as of: 2023 | Check for updates
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A. If a fiduciary disclaims a power held in a fiduciary capacity that has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
Terms Used In Virginia Code 64.2-2609
- Disclaimer: means the refusal to accept an interest in or power over property. See Virginia Code 64.2-2600
- Fiduciary: means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person. See Virginia Code 64.2-2600
- Fiduciary: A trustee, executor, or administrator.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal or commercial entity. See Virginia Code 64.2-2600
- Trust: means (i) an express trust, charitable or noncharitable, with additions thereto, whenever and however created; and (ii) a trust created pursuant to a statute, judgment, or decree, that requires the trust to be administered in the manner of an express trust. See Virginia Code 64.2-2600
B. If a fiduciary disclaims a power held in a fiduciary capacity that has been exercised, the disclaimer takes effect immediately after the last exercise of the power.
C. A disclaimer under this section is effective as to another fiduciary if the disclaimer so provides and the fiduciary disclaiming has the authority to bind the estate, trust, or other person for whom the fiduciary is acting.