55-544.13 - Cy pres. - Virginia Statutes

§ 55-544.13. Cy pres.

A. Except as otherwise provided in subsection B, if a particular charitablepurpose becomes unlawful, impracticable, impossible to achieve, or wasteful:

1. The trust does not fail, in whole or in part;

2. The trust property does not revert to the settlor or the settlor'ssuccessors in interest; and

3. The court may apply cy pres to modify or terminate the trust by directingthat the trust property be applied or distributed, in whole or in part, in amanner consistent with the settlor's charitable purposes.

B. A provision in the terms of a charitable trust that would result indistribution of the trust property to a noncharitable beneficiary prevailsover the power of the court under subsection A to apply cy pres to modify orterminate the trust only if, when the provision takes effect:

1. The trust property is to revert to the settlor and the settlor is stillliving; or

2. Fewer than 21 years have elapsed since the date of the trust's creation.

(2005, c. 935.)