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2022 Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 7 - Uniform Trust Code
Article 1. General Provisions and Definitions
- § 64.2-700. Scope
- § 64.2-701. Definitions
- § 64.2-702. Knowledge
- § 64.2-703. Default and mandatory rules
- § 64.2-704. Common law of trusts; principles of equity
- § 64.2-705. Governing law
- § 64.2-706. Principal place of administration
- § 64.2-707. Methods and waiver of notice
- § 64.2-708. Others treated as qualified beneficiaries
- § 64.2-709. Nonjudicial settlement agreements
Article 2. Judicial Proceedings
- § 64.2-710. Role of court in administration of trust
- § 64.2-711. Jurisdiction over trustee and beneficiary
- § 64.2-712. Proceedings to appoint or remove trustees
- § 64.2-713. Pleadings; parties; orders; notice
Article 3. Representation
- § 64.2-714. Representation; basic effect
- § 64.2-715. Representation by holder of general testamentary power of appointment
- § 64.2-716. Representation by fiduciaries and parents or other ancestors
- § 64.2-717. Representation by person having substantially identical interest
- § 64.2-718. Appointment of representative
Article 4. Creation, Validity, Modification, and Termination of Trust
- § 64.2-719. Methods of creating trust
- § 64.2-720. Requirements for creation
- § 64.2-721. Trusts created in other jurisdictions
- § 64.2-722. Trust purposes
- § 64.2-723. Charitable purposes; enforcement
- § 64.2-724. Creation of trust induced by fraud, duress, or undue influence
- § 64.2-725. Evidence of oral trust
- § 64.2-726. Trust for care of animal
- § 64.2-727. Noncharitable trust without ascertainable beneficiary
- § 64.2-728. Modification or termination of trust; proceedings for approval or disapproval
- § 64.2-729. Modification or termination of noncharitable irrevocable trust by consent
- § 64.2-730. Modification or termination because of unanticipated circumstances or inability to administer trust effectively
- § 64.2-731. Cy pres
- § 64.2-732. Modification or termination of uneconomic trust
- § 64.2-733. Reformation to correct mistakes
- § 64.2-734. Modification to achieve settlor's tax objectives
- § 64.2-735. Combination and division of trusts
- § 64.2-736. Amendment of trust where gift, grant, or will establishes private foundation or constitutes a charitable trust or a split-interest trust
- § 64.2-737. Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation
- § 64.2-738. Prohibitions as to trust that is deemed a split-interest trust
- § 64.2-739. Application of §§ 64.2-737 and 64.2-738
- § 64.2-740. Interpretation of references to Internal Revenue Code in §§ 64.2-736 through 64.2-739
- § 64.2-741. Powers of courts not impaired by §§ 64.2-736 through 64.2-740
Article 5. Creditor's Claims; Spendthrift and Discretionary Trusts
- § 64.2-742. Rights of beneficiary's creditor or assignee
- § 64.2-743. Spendthrift provision
- § 64.2-744. Exceptions to spendthrift provision
- § 64.2-745. Certain claims for reimbursement for public assistance
- § 64.2-745.1. Self-settled spendthrift trusts
- § 64.2-745.2. Definitions; vacancies; right to withdraw
- § 64.2-746. Discretionary trusts; effect of standard
- § 64.2-747. Creditor's claim against settlor
- § 64.2-748. Overdue distribution
- § 64.2-749. Personal obligations of trustee
Article 6. Revocable Trusts
- § 64.2-750. Capacity of settlor of revocable trust
- § 64.2-751. Revocation or amendment of revocable trust
- § 64.2-752. Settlor's powers; powers of withdrawal
- § 64.2-753. Limitation on action contesting validity of revocable trust; distribution of trust property
Article 7. Office of Trustee
- § 64.2-754. Accepting or declining trusteeship
- § 64.2-755. Trustee's bond
- § 64.2-756. Cotrustees
- § 64.2-757. Vacancy in trusteeship; appointment of successor
- § 64.2-758. Resignation of trustee
- § 64.2-759. Removal of trustee
- § 64.2-760. Delivery of property by former trustee
- § 64.2-761. Compensation of trustee
- § 64.2-762. Reimbursement of expenses
Article 8. Duties and Powers of Trustee
- § 64.2-763. Duty to administer trust and invest
- § 64.2-764. Duty of loyalty
- § 64.2-765. Impartiality
- § 64.2-766. Prudent administration
- § 64.2-767. Costs of administration
- § 64.2-768. Trustee's skills
- § 64.2-769. Delegation by trustee
- § 64.2-770. Repealed
- § 64.2-771. Control and protection of trust property
- § 64.2-772. Recordkeeping and identification of trust property
- § 64.2-773. Enforcement and defense of claims
- § 64.2-774. Collecting trust property
- § 64.2-775. Duty to inform and report
- § 64.2-776. Discretionary powers; tax savings
- § 64.2-777. General powers of trustee
- § 64.2-778. Specific powers of trustee
- § 64.2-778.1. Repealed
- § 64.2-779. Distribution upon termination
Article 8.1. Uniform Trust Decanting Act
- § 64.2-779.1. Scope
- § 64.2-779.2. Fiduciary duty
- § 64.2-779.3. Application; governing law
- § 64.2-779.4. Reasonable reliance
- § 64.2-779.5. Notice; exercise of decanting power
- § 64.2-779.6. Court involvement
- § 64.2-779.7. Formalities
- § 64.2-779.8. Decanting power under expanded distributive discretion
- § 64.2-779.9. Decanting power under limited distributive discretion
- § 64.2-779.10. Trust for beneficiary with disability
- § 64.2-779.11. Protection of charitable interest
- § 64.2-779.12. Trust limitation on decanting
- § 64.2-779.13. Change in compensation
- § 64.2-779.14. Relief from liability and indemnification
- § 64.2-779.15. Removal or replacement of authorized fiduciary
- § 64.2-779.16. Tax-related provisions
- § 64.2-779.17. Duration of second trust
- § 64.2-779.18. Need to distribute not required
- § 64.2-779.19. Savings provision
- § 64.2-779.20. Trust for care of animal
- § 64.2-779.21. Terms of second trust
- § 64.2-779.22. Settlor
- § 64.2-779.23. Later-discovered property
- § 64.2-779.24. Obligations
- § 64.2-779.25. Accountings
Article 8.2. Uniform Directed Trust Act
- § 64.2-779.26. Definitions
- § 64.2-779.27. Application
- § 64.2-779.28. Exclusions
- § 64.2-779.29. Powers of trust director
- § 64.2-779.30. Limitations on trust director
- § 64.2-779.31. Duty and liability of trust director
- § 64.2-779.32. Duty and liability of directed trustee
- § 64.2-779.33. Duty to provide information to trust director or trustee
- § 64.2-779.34. No duty to monitor, inform, or advise
- § 64.2-779.35. Limitation of action against trust director
- § 64.2-779.36. Defenses in action against trust director
- § 64.2-779.37. Jurisdiction over trust director
- § 64.2-779.38. Office of trust director
Article 9. Uniform Prudent Investor Act
- § 64.2-780. Definition of terms
- § 64.2-781. Prudent investor rule
- § 64.2-782. Standard of care; portfolio strategy; risk and return objectives
- § 64.2-783. Diversification by trustee
- § 64.2-784. Duties at inception of trusteeship
- § 64.2-785. Loyalty and impartiality
- § 64.2-786. Investment costs
- § 64.2-787. Reviewing compliance
- § 64.2-788. Delegation of investment and management functions
- § 64.2-789. Language invoking standard of article
- § 64.2-790. Application to existing trusts
- § 64.2-791. Uniformity of application and construction
Article 10. Liability of Trustees and Rights of Persons Dealing with Trustee
- § 64.2-792. Remedies for breach of trust
- § 64.2-793. Damages for breach of trust
- § 64.2-794. Damages in absence of breach
- § 64.2-795. Attorney fees and costs
- § 64.2-796. Limitation of action against trustee
- § 64.2-797. Reliance on trust instrument
- § 64.2-798. Event affecting administration or distribution
- § 64.2-799. Exculpation of trustee
- § 64.2-800. Beneficiary's consent, release, or ratification
- § 64.2-801. Limitation on personal liability of trustee
- § 64.2-802. Interest as general partner
- § 64.2-803. Protection of person dealing with trustee
- § 64.2-804. Certification of trust
Article 11. Miscellaneous Provisions
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