A. As used in this section, "adverse party" means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.
B. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
C. Only a power of appointment whose permissible appointees are defined and limited can be nonexclusionary.
2016, c. 266.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 27 - Uniform Powers of Appointment Act
§ 64.2-2706. Common law and principles of equity
§ 64.2-2707. Creation of power of appointment
§ 64.2-2708. Nontransferability
§ 64.2-2709. Presumption of unlimited authority
§ 64.2-2710. Exception to presumption of unlimited authority
§ 64.2-2711. Rules of classification
§ 64.2-2712. Power to revoke or amend
§ 64.2-2713. Requisites for exercise of power of appointment
§ 64.2-2714. Intent to exercise; determining intent from residuary clause
§ 64.2-2715. Intent to exercise; after-acquired power
§ 64.2-2716. Substantial compliance with donor-imposed formal requirement
§ 64.2-2717. Permissible appointment
§ 64.2-2718. Appointment to deceased appointee
§ 64.2-2719. Impermissible appointment
§ 64.2-2720. Selective allocation doctrine
§ 64.2-2721. Capture doctrine; disposition of ineffectively appointed property under general power
§ 64.2-2722. Disposition of unappointed property under released or unexercised general power
§ 64.2-2723. Disposition of unappointed property under released or unexercised nongeneral power
§ 64.2-2724. Disposition of unappointed property if partial appointment to taker in default
§ 64.2-2725. Appointment to taker in default
§ 64.2-2726. Powerholder's authority to revoke or amend exercise
§ 64.2-2728. Authority to release
§ 64.2-2729. Method of release
§ 64.2-2730. Notice of release; recordation; fee
§ 64.2-2731. Revocation or amendment of release
§ 64.2-2732. Power to contract; presently exercisable power of appointment
§ 64.2-2733. Power to contract; power of appointment not presently exercisable
§ 64.2-2734. Remedy for breach of contract to appoint or not to appoint
§ 64.2-2735. Creditor claim; general power created by powerholder
§ 64.2-2736. Creditor claim; general power not created by powerholder
§ 64.2-2737. Power to withdraw
§ 64.2-2738. Creditor claim; nongeneral power
§ 64.2-2739. Uniformity of application and construction
§ 64.2-2740. Relation to Electronic Signatures in Global and National Commerce Act