55-278 - Definitions. - Virginia Statutes

§ 55-278. Definitions.

When used in this chapter unless the context otherwise requires:

(1) "Power" includes any power to appoint or designate to whom propertyshall go, any power to invade property, any power to alter, amend or revokeany instrument under which an estate or trust is held or created or toterminate any right or interest thereunder, and any power remaining when oneor more partial releases have heretofore or hereafter been made with respectto a power, whether heretofore or hereafter created or reserved, whethervested, contingent or conditional, and whether classified in law or known asa power in gross, a power appendant, a power appurtenant, a collateral power,a general, special or limited power, an exclusive or nonexclusive power, orotherwise, and irrespective of when, in what manner, or in whose favor, itmay be exercised.

(2) "Donee" means any person whether resident or nonresident of thisCommonwealth who, either alone or with another, has the right to exercise apower.

(3) "Objects" when used in connection with a power means the persons inwhose favor the power may be exercised.

(4) "Property" when used in connection with a power means any and allproperty, whether real or personal, any and all interest in property, and anyand all income from property, which is subject to the power, and includes anypart of the property, any part of the interest in property, and any part ofthe income from property.

(5) "Release" means renunciation, relinquishment, surrender, refusal toaccept, extinguishment, and any other form of release.

(1944, p. 67; Michie Suppl. 1946, § 5440(1).)