55-551.06 - Application to existing relationships. - Virginia Statutes

§ 55-551.06. Application to existing relationships.

A. Except as otherwise provided in this chapter:

1. This chapter applies to all trusts created before, on, or after July 1,2006;

2. This chapter applies to all judicial proceedings concerning trustscommenced on or after July 1, 2006;

3. This chapter applies to judicial proceedings concerning trusts commencedbefore July 1, 2006, unless the court finds that application of a particularprovision of this chapter would substantially interfere with the effectiveconduct of the judicial proceedings or prejudice the rights of the parties,in which case the particular provision of this chapter does not apply and thesuperseded law applies;

4. Any rule of construction or presumption provided in this chapter appliesto trust instruments executed before July 1, 2006, unless there is a clearindication of a contrary intent in the terms of the trust; and

5. An act done before July 1, 2006, is not affected by this chapter;

B. If a right is acquired, extinguished, or barred upon the expiration of aprescribed period that has commenced to run under any other statute beforeJuly 1, 2006, that statute continues to apply to the right even if it hasbeen repealed or superseded.

(2005, c. 935.)