§ 64.1-62.2. Certain powers of appointment construed to refer to federal gift tax exclusion in effect on date o...
If an instrument executed before September 12, 1981, provides for a power of appointment which (i) may be exercised during any period after December 31, 1981, and (ii) such power of appointment is defined in terms of, or by reference to, the maximum amount of property qualifying for the gift tax exclusion under federal law, and further, (iii) the instrument described has not been amended after September 12, 1981, to refer specifically to the federal gift tax exclusion available after December 31, 1981, or the amount qualifying therefor, then such instrument shall be construed as referring to the maximum amount of property eligible for the annual gift tax exclusion as was allowable under the Internal Revenue Code in effect on the date of execution of such instrument.
(1982, c. 622.)
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