55-12.3 - Reformation. - Virginia Statutes

§ 55-12.3. Reformation.

Upon the petition of an interested person, a court of equity in the county orcity wherein the affected property or the greater part thereof is locatedshall reform a disposition in the manner that most closely approximates thetransferor's manifested plan of distribution and is within the ninety yearsallowed by subdivision A 2, B 2 or C 2 of § 55-12.1 if:

1. A nonvested property interest or a power of appointment becomes invalidunder § 55-12.1;

2. A class gift is not but might become invalid under § 55-12.1 and the timehas arrived when the share of any class member is to take effect inpossession or enjoyment; or

3. A nonvested property interest that is not validated by subdivision A 1 of§ 55-12.1 can vest but not within 90 years after its creation.

(2000, c. 714.)