Current with changes from the 2024 legislative session through ch. 845
Section 64.2-2711 - Rules of classificationA. 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.Added by Acts 2016 c. 266, § 1, eff. 7/1/2016.