Chapter 7. Uniform Trust CodeRead Chapter
- Article 1. General Provisions and DefinitionsRead all
- § 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 ProceedingsRead all
- § 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. RepresentationRead all
- § 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 TrustRead all
- § 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 TrustsRead all
- § 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 TrustsRead all
- § 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 TrusteeRead all
- § 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 TrusteeRead all
- § 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 ActRead all
- § 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 ActRead all
- § 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 ActRead all
- § 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 TrusteeRead all
- § 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 ProvisionsRead all
- § 64.2-805
- Uniformity of application and construction
- § 64.2-806
- Electronic records and signatures
- § 64.2-807
- Repealed
- § 64.2-808
- Application to existing relationships
