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.
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.
2000, c. 714, § 55-12.2; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 1 - Creation and Limitation of Estates
§ 55.1-100. Aliens may acquire, hold, and transmit real estate; when reciprocity required
§ 55.1-101. When deed or will necessary to convey estate; no parol partition or gift valid
§ 55.1-102. When gift of personal property invalid
§ 55.1-103. Suicide or attainder of felony
§ 55.1-104. Estates to lie in grant as well as in livery
§ 55.1-105. Same estates may be created by deed as by will
§ 55.1-107. Default or surrender of tenant for life not to prejudice remainderman
§ 55.1-108. Conveyance of estate or interest in property by grantor to himself and another
§ 55.1-109. Deed valid for grantor's right; operation of warranty
§ 55.1-110. Conveyance, devise, or grant without words of limitation
§ 55.1-111. Fee tail converted into fee simple
§ 55.1-113. Doctrine of worthier title abolished
§ 55.1-114. When contingent remainder not to fail
§ 55.1-115. When remainders not defeated
§ 55.1-116. In what conveyances possession transferred to the use
§ 55.1-118. Deed of release effectual
§ 55.1-119. When person not a party, etc., may take or sue under instrument
§ 55.1-120. Informalities in deeds made by attorneys-in-fact
§ 55.1-121. Time for objections to irregularities in advertising sales made by trustees
§ 55.1-122. Recovery at death of life tenant of taxes paid on life estate
§ 55.1-123. Removal of a cloud on title; nature of plaintiff's title
§ 55.1-124. Uniform Statutory Rule Against Perpetuities
§ 55.1-125. When nonvested property interest or power of appointment created
§ 55.1-127. Exclusions from statutory rule against perpetuities
§ 55.1-128. Prospective application
§ 55.1-129. Uniformity of application and construction
§ 55.1-130. Certain limitations construed
§ 55.1-132. Determination of "lives in being" for purpose of rule against perpetuities
§ 55.1-133. Application of the rule against perpetuities to nondonative transfers
§ 55.1-134. Survivorship between joint tenants abolished
§ 55.1-135. Joint ownership in real and personal property
§ 55.1-136. Tenants by the entirety in real and personal property; certain trusts