A powerholder of a presently exercisable power of appointment may contract:
1. Not to exercise the power; or
2. To exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
Va. Code Ann. § 64.2-2732
Power to contract; presently exercisable power of appointment
2016, c. 266.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.