Section 64.2-2723 - Disposition of unappointed property under released or unexercised nongeneral powerTo the extent that a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
1. The gift-in-default clause controls the disposition of the unappointed property; or2. If there is no gift-in-default clause or to the extent that the clause is ineffective, the unappointed property: a. Passes to the permissible appointees if: (1) The permissible appointees are defined and limited; and(2) The terms of the instrument creating the power do not manifest a contrary intent; orb. If there is no taker under subdivision 2 a, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Added by Acts 2016 c. 266, § 1, eff. 7/1/2016.