64.1-196.10 - Disclaimer of power held in fiduciary capacity. - Virginia Statutes

§ 64.1-196.10. Disclaimer of power held in fiduciary capacity.

A. If a fiduciary disclaims a power held in a fiduciary capacity that has notbeen exercised, the disclaimer takes effect as of the time the instrumentcreating the power becomes irrevocable.

B. If a fiduciary disclaims a power held in a fiduciary capacity that hasbeen exercised, the disclaimer takes effect immediately after the lastexercise of the power.

C. A disclaimer under this section is effective as to another fiduciary ifthe disclaimer so provides and the fiduciary disclaiming has the authority tobind the estate, trust, or other person for whom the fiduciary is acting.

(2003, c. 253.)