Virginia Code 64.2-2734: Remedy for breach of contract to appoint or not to appoint.
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The remedy for a powerholder‘s breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract.
Terms Used In Virginia Code 64.2-2734
- Appointive property: means the property or property interest subject to a power of appointment. See Virginia Code 64.2-2700
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
2016, c. 266.