2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 31 - Uniform Trust Code (55-541.01 thru 55-551.06)
55-544.13 - Cy pres.
§ 55-544.13. Cy pres.
A. Except as otherwise provided in subsection B, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:
1. The trust does not fail, in whole or in part;
2. The trust property does not revert to the settlor or the settlor's successors in interest; and
3. The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.
B. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection A to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
1. The trust property is to revert to the settlor and the settlor is still living; or
2. Fewer than 21 years have elapsed since the date of the trust's creation.
(2005, c. 935.)
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