55-544.09 - Noncharitable trust without ascertainable beneficiary. - Virginia Statutes

§ 55-544.09. Noncharitable trust without ascertainable beneficiary.

Except as otherwise provided in § 55-544.08 or by another statute, thefollowing rules apply:

1. A trust may be created for a noncharitable purpose without a definite ordefinitely ascertainable beneficiary or for a noncharitable but otherwisevalid purpose to be selected by the trustee. The trust may not be enforcedfor more than 21 years.

2. A trust authorized by this section may be enforced by a person appointedin the terms of the trust or, if no person is so appointed, by a personappointed by the court.

3. Property of a trust authorized by this section may be applied only to itsintended use, except to the extent the court determines that the value of thetrust property exceeds the amount required for the intended use. Except asotherwise provided in the terms of the trust, property not required for theintended use shall be distributed to the settlor, if then living, otherwiseto the settlor's successors in interest.

(2005, c. 935.)