55-541.05 - Default and mandatory rules. - Virginia Statutes

§ 55-541.05. Default and mandatory rules.

A. Except as otherwise provided in the terms of the trust, this chaptergoverns the duties and powers of a trustee, relations among trustees, and therights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this chapter except:

1. The requirements for creating a trust;

2. The duty of a trustee to act in good faith and in accordance with theterms and purposes of the trust and the interests of the beneficiaries;

3. The requirement that a trust and its terms be for the benefit of itsbeneficiaries, and that the trust have a purpose that is lawful, not contraryto public policy, and possible to achieve;

4. The power of the court to modify or terminate a trust under §§ 55-544.10through 55-544.16;

5. The effect of a spendthrift provision and the rights of certain creditorsand assignees to reach a trust as provided in Article 5;

6. The power of the court under § 55-547.02 to require, dispense with, ormodify or terminate a bond;

7. The power of the court under subsection B of § 55-547.08 to adjust atrustee's compensation specified in the terms of the trust which isunreasonably low or high;

8. The effect of an exculpatory term under § 55-550.08;

9. The rights under §§ 55-550.10 through 55-550.13 of a person other than atrustee or beneficiary;

10. Periods of limitation for commencing a judicial proceeding; and

11. The power of the court to take such action and exercise such jurisdictionas may be necessary in the interests of justice.

(2005, c. 935; 2007, c. 216.)