64.1-196.8 - Disclaimer of power of appointment or other power not held in a fiduciary capacity. - Virginia Statutes

§ 64.1-196.8. Disclaimer of power of appointment or other power not held in afiduciary capacity.

If a holder disclaims a power of appointment or other power not held in afiduciary capacity, the following rules apply:

1. If the holder has not exercised the power, the disclaimer takes effect asof the time the instrument creating the power becomes irrevocable.

2. If the holder has exercised the power and the disclaimer is of a powerother than a presently exercisable general power of appointment, thedisclaimer takes effect immediately after the last exercise of the power.

3. The instrument creating the power is construed as if the power expiredwhen the disclaimer became effective.

(2003, c. 253.)