2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 31 - Uniform Trust Code (55-541.01 thru 55-551.06)
55-545.02 - Spendthrift provision.
§ 55-545.02. Spendthrift provision.
A. A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
B. A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
C. A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this article, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
(2005, c. 935.)
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