55-541.02 - Scope. - Virginia Statutes

§ 55-541.02. Scope.

A. This chapter applies to express inter vivos trusts, charitable ornoncharitable, and trusts created pursuant to a statute, judgment, or decreethat requires the trust to be administered in the manner of an express trust.This chapter also applies to testamentary trusts, except to the extent thatspecific provision is made for them in Title 26 or elsewhere in the Code ofVirginia, or to the extent it is clearly inapplicable to them. Section55-548.13, which provides the duties of a trustee to inform and report to thetrust's beneficiaries, shall apply to testamentary trusts. For purposes ofthis subsection A, the word "trust" and the words "trustee" or"fiduciary," as used in Title 26, shall be deemed to refer to testamentarytrusts and testamentary trustees, except to the extent that the use of suchwords is clearly inapplicable to testamentary trusts and testamentarytrustees. This chapter shall not apply to:

1. A trust that is primarily used for business, investment or commercialtransactions, including business trusts, land trusts (§ 55-17.1), deeds oftrusts (Article 2 (§ 55-58 et seq.) of Chapter 4 of Title 55) voting trusts,common trust funds, security arrangements, liquidation trusts, trusts createdby deposit arrangement in a financial institution, and trusts created forpaying debts, dividends, interest, or profits.

2. A trust that is used primarily for employment including trusts created forpaying salaries, wages, pensions or employee benefits of any kind.

3. A trust under which a person is a nominee or escrowee for another.

4. Other special purpose trusts governed by particular statutes, includingtrusts under Title 57.

B. Notwithstanding subsection A, a court, in exercising jurisdiction over thesupervision or administration of trusts, may determine that application ofthe policies, procedures or rules of the Code is appropriate to resolution ofparticular issues.

(2005, c. 935.)