I got my VA boaters license about a month ago and I should be fresh on this subject. I believe that sailboats have right of way in all situations, even if your motor is off and you're drifting. The exception is the situation you described, where the sailboat is overtaking. I believe you had right of way and he should have altered course. Even if he did have right of way, it is still any boater's responsibility to avert a collision. That is, he can't just plow on through, cut your lines (or worse) and claim he is untouchable because of right of way. I will check my navigation manual when I get home from work, but I believe what I have listed is correct.
Thomas Jenkins, duck hunting and fly fishing around Mathews County, VA.
Perseverance- 26' Cape Horn
Unnamed- 18' Parker
TailyPo- 16' Carolina Skiff