STATE STATUTES & CODES

VIRGINIA STATUTES AND CODES

Chapter 31 - Uniform Trust Code (55-541.01 thru 55-551.06)

• 55-541.01 - Short title.
• 55-541.02 - Scope.
• 55-541.03 - Definitions.
• 55-541.04 - Knowledge.
• 55-541.05 - Default and mandatory rules.
• 55-541.06 - Common law of trusts; principles of equity.
• 55-541.07 - Governing law.
• 55-541.08 - Principal place of administration.
• 55-541.09 - Methods and waiver of notice.
• 55-541.10 - Others treated as qualified beneficiaries.
• 55-541.11 - Nonjudicial settlement agreements.
• 55-542.01 - Role of court in administration of trust.
• 55-542.02 - Jurisdiction over trustee and beneficiary.
• 55-542.03 - , 55-542.04
• 55-542.05 - Proceedings to appoint or remove trustees.
• 55-542.06 - Pleadings; parties; orders; notice.
• 55-543.01 - Representation; basic effect.
• 55-543.02 - Representation by holder of general testamentary power of appointment.
• 55-543.03 - Representation by fiduciaries and parents or other ancestors.
• 55-543.04 - Representation by person having substantially identical interest.
• 55-543.05 - Appointment of representative.
• 55-544.01 - Methods of creating trust.
• 55-544.02 - Requirements for creation.
• 55-544.03 - Trusts created in other jurisdictions.
• 55-544.04 - Trust purposes.
• 55-544.05 - Charitable purposes; enforcement.
• 55-544.06 - Creation of trust induced by fraud, duress, or undue influence.
• 55-544.07 - Evidence of oral trust.
• 55-544.08 - Trust for care of animal.
• 55-544.09 - Noncharitable trust without ascertainable beneficiary.
• 55-544.10 - Modification or termination of trust; proceedings for approval or disapproval.
• 55-544.11 - Modification or termination of noncharitable irrevocable trust by consent.
• 55-544.12 - Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
• 55-544.13 - Cy pres.
• 55-544.14 - Modification or termination of uneconomic trust.
• 55-544.15 - Reformation to correct mistakes.
• 55-544.16 - Modification to achieve settlor's tax objectives.
• 55-544.17 - Combination and division of trusts.
• 55-544.18 - Amendment of trust where gift, etc., establishes private foundation or constitutes a charitable trust or a split-interest trust.
• 55-544.19 - Distribution of income of trust which is a private foundation or a charitable trust; prohibitions as to such private foundation.
• 55-544.20 - Prohibitions as to trust which is deemed a split-interest trust.
• 55-544.21 - Application of §§ 55-544.19 and 55-544.20.
• 55-544.22 - Interpretation of references to Internal Revenue Code in §§ through 55-544.21.
• 55-544.23 - Powers of courts not impaired by §§ 55-544.18 through 55-544.22; severability.
• 55-545.01 - Rights of beneficiary's creditor or assignee.
• 55-545.02 - Spendthrift provision.
• 55-545.03 - Exceptions to spendthrift provision.
• 55-545.03:1 - Certain claims for reimbursement for public assistance.
• 55-545.04 - Discretionary trusts; effect of standard.
• 55-545.05 - Creditor's claim against settlor.
• 55-545.06 - Overdue distribution.
• 55-545.07 - Personal obligations of trustee.
• 55-546.01 - Capacity of settlor of revocable trust.
• 55-546.02 - Revocation or amendment of revocable trust.
• 55-546.03 - Settlor's powers; powers of withdrawal.
• 55-546.04 - Limitation on action contesting validity of revocable trust; distribution of trust property.
• 55-547.01 - Accepting or declining trusteeship.
• 55-547.02 - Trustee's bond.
• 55-547.03 - Cotrustees.
• 55-547.04 - Vacancy in trusteeship; appointment of successor.
• 55-547.05 - Resignation of trustee.
• 55-547.06 - Removal of trustee.
• 55-547.07 - Delivery of property by former trustee.
• 55-547.08 - Compensation of trustee.
• 55-547.09 - Reimbursement of expenses.
• 55-548.01 - Duty to administer trust and invest.
• 55-548.02 - Duty of loyalty.
• 55-548.03 - Impartiality.
• 55-548.04 - Prudent administration.
• 55-548.05 - Costs of administration.
• 55-548.06 - Trustee's skills.
• 55-548.07 - Delegation by trustee.
• 55-548.08 - Powers to direct.
• 55-548.09 - Control and protection of trust property.
• 55-548.10 - Recordkeeping and identification of trust property.
• 55-548.11 - Enforcement and defense of claims.
• 55-548.12 - Collecting trust property.
• 55-548.13 - Duty to inform and report.
• 55-548.14 - Discretionary powers; tax savings.
• 55-548.15 - General powers of trustee.
• 55-548.16 - Specific powers of trustee.
• 55-548.17 - Distribution upon termination.
• 55-550.01 - Remedies for breach of trust.
• 55-550.02 - Damages for breach of trust.
• 55-550.03 - Damages in absence of breach.
• 55-550.04 - Attorneys' fees and costs.
• 55-550.05 - Limitation of action against trustee.
• 55-550.06 - Reliance on trust instrument.
• 55-550.07 - Event affecting administration or distribution.
• 55-550.08 - Exculpation of trustee.
• 55-550.09 - Beneficiary's consent, release, or ratification.
• 55-550.10 - Limitation on personal liability of trustee.
• 55-550.11 - Interest as general partner.
• 55-550.12 - Protection of person dealing with trustee.
• 55-550.13 - Certification of trust.
• 55-551.01 - Uniformity of application and construction.
• 55-551.02 - Electronic records and signatures.
• 55-551.03 - Severability clause.
• 55-551.04 - , 55-551.05
• 55-551.06 - Application to existing relationships.

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