Va. Code § 55.1-126

Current with changes from the 2024 legislative session through ch. 845

Section 55.1-126 - Reformation

Upon the petition of an interested person, a circuit court in the county or city in which the affected property or the greater part of such property is located shall reform a disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the 90 years allowed by subdivision A 2, B 2, or C 2 of § 55.1-124 if:

1. A nonvested property interest or a power of appointment becomes invalid under § 55.1-124;

2. A class gift is not but might become invalid under § 55.1-124 and the time has arrived when the share of any class member is to take effect in possession or enjoyment; or

3. A nonvested property interest that is not validated by subdivision A 1 of § 55.1-124 can vest but not within 90 years after its creation.

Va. Code § 55.1-126

2000, c. 714, § 55-12.3; 2019, c. 712.

Added by Acts 2019 c. 712, § 1, eff. 10/1/2019.