2010 Code of Virginia
Chapter 31 - Uniform Trust Code (55-541.01 thru 55-551.06)
55-541.05 - Default and mandatory rules.

§ 55-541.05. Default and mandatory rules.

A. Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this chapter except:

1. The requirements for creating a trust;

2. The duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;

3. The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;

4. The power of the court to modify or terminate a trust under §§ 55-544.10 through 55-544.16;

5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5;

6. The power of the court under § 55-547.02 to require, dispense with, or modify or terminate a bond;

7. The power of the court under subsection B of § 55-547.08 to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high;

8. The effect of an exculpatory term under § 55-550.08;

9. The rights under §§ 55-550.10 through 55-550.13 of a person other than a trustee or beneficiary;

10. Periods of limitation for commencing a judicial proceeding; and

11. The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.

(2005, c. 935; 2007, c. 216.)

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