55-544.10 - Modification or termination of trust; proceedings for approval or disapproval. - Virginia Statutes

§ 55-544.10. Modification or termination of trust; proceedings for approvalor disapproval.

A. In addition to the methods of termination prescribed by §§ 55-544.11through 55-544.14, a trust terminates to the extent the trust is revoked orexpires pursuant to its terms, no purpose of the trust remains to beachieved, or the purposes of the trust have become unlawful, contrary topublic policy, or impossible to achieve.

B. A proceeding to approve or disapprove a proposed modification ortermination under §§ 55-544.11 through 55-544.16, or trust combination ordivision under § 55-544.17, may be commenced by a trustee or beneficiary. Thesettlor of a charitable trust may maintain a proceeding to modify the trustunder § 55-544.13.

(2005, c. 935.)