2006 Code of Virginia § 55-545.02 - Spendthrift provision.
55-545.02. Spendthrift provision.
A. A spendthrift provision is valid only if it restrains both voluntary andinvoluntary transfer of a beneficiary's interest.
B. A term of a trust providing that the interest of a beneficiary is heldsubject to a "spendthrift trust," or words of similar import, is sufficientto restrain both voluntary and involuntary transfer of the beneficiary'sinterest.
C. A beneficiary may not transfer an interest in a trust in violation of avalid spendthrift provision and, except as otherwise provided in thisarticle, a creditor or assignee of the beneficiary may not reach the interestor a distribution by the trustee before its receipt by the beneficiary.
(2005, c. 935.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
