Virginia Code 64.2-2728: Authority to release.
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A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release.
Terms Used In Virginia Code 64.2-2728
- Instrument: means a record. 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
2016, c. 266.