2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
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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