Terms Used In Virginia Code > Title 64.2 > Subtitle V > Chapter 27 > Article 5 - Right of Powerholder's Creditors in Appointive Property

• Appointive property: means the property or property interest subject to a power of appointment. See Virginia Code 64.2-2700
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• General power of appointment: means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Virginia Code 64.2-2700
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Virginia Code 64.2-2700
• Person: means an individual; estate; trust; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity. 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
• rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100