{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-1201.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-1201.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-1201.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-1201.html"}],"law_id":68199,"edition_id":1,"section_id":68199,"structure_id":16094,"section_number":"13.1-1201","catch_line":"Definitions","history":"2002, c. 621; 2021, Sp. Sess. I, c. 487; 2022, c. 82.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Articles of trust” means all documents constituting, at any particular time, the articles of trust of a business trust. “Articles of trust” includes the original articles of trust, the original certificate of trust issued by the Commission, and all amendments to the articles of trust. When the articles of trust have been restated pursuant to any articles of amendment, the articles of trust includes only the restated articles of trust and any subsequent amendments to the restated articles of trust, but does not include the articles of amendment accompanying the restated articles of trust. When used with respect to a foreign business trust, the “articles of trust” of such entity means the document that is equivalent to the articles of trust of a domestic business trust.\n\t\t“Beneficial owner” means any owner of a beneficial interest in a business trust, the fact of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument of the business trust.\n\t\t“Business trust” or “domestic business trust” means an unincorporated business, trust, or association that:\n\n1\n\nIs governed by a governing instrument under which:\n\t\t\ta. Property is or will be held, managed, administered, controlled, invested, reinvested, or operated by a trustee for the benefit of persons as are or may become entitled to a beneficial interest in the trust property; or\n\t\t\tb. Business or professional activities for profit are carried on or will be carried on by one or more trustees for the benefit of persons as are or may become entitled to a beneficial interest in the trust property; and2\n\nFiles articles of trust under \u00a7 13.1-1212.\n\t\t\t“Business trust” includes, without limitation, any of the following entities that conform with subdivisions 1 and 2 of this definition:1\n\nA trust of the type known at common law as a “business trust” or “Massachusetts trust”;2\n\nA trust qualifying as a real estate mortgage investment conduit under § 860 D of the United States Internal Revenue Code of 1986, as amended, or under any successor provision;3\n\nA trust qualifying as a real estate investment trust under §§ 856 through 859 of the United States Internal Revenue Code of 1986, as amended, or under any successor provision; or4\n\nA “real estate investment trust” or “trust” created under former Chapter 9 (§ 6-577 et seq.) of Title 6 or former Chapter 9 (§ 6.1-343 et seq.) of Title 6.1.\n\t\t\t\t“Commission” means the State Corporation Commission of Virginia.\n\t\t\t\t“Domestic,” with respect to an entity, means an entity governed as to its internal affairs by the organic law of the Commonwealth.\n\t\t\t\t“Domestic corporation” has the same meaning as specified in § 13.1-603.\n\t\t\t\t“Domestic limited partnership” has the same meaning as specified in § 50-73.1.\n\t\t\t\t“Domestic nonstock corporation” has the same meaning as “domestic corporation” as specified in § 13.1-803.\n\t\t\t\t“Domestic partnership” means an association of two or more persons to carry on as co-owners a business for profit formed under § 50-73.88, or predecessor law of the Commonwealth, and includes, for all purposes of the laws of the Commonwealth, a registered limited liability partnership.\n\t\t\t\t“Domestic stock corporation” has the same meaning as “domestic corporation” as specified in § 13.1-603.\n\t\t\t\t“Effective date,” when referring to a document for which effectiveness is contingent upon issuance of a certificate by the Commission, means the time and date determined in accordance with § 13.1-1203.\n\t\t\t\t“Entity” includes any domestic or foreign business trust or other business entity, any estate or trust, and any state, the United States, and any foreign government.\n\t\t\t\t“Entity conversion” means conversion. A certificate of entity conversion is the same as a certificate of conversion.\n\t\t\t\t“Foreign” with respect to an entity, means an entity governed as to its internal affairs by the organic law of a jurisdiction other than the Commonwealth.\n\t\t\t\t“Foreign business trust” means a trust formed under the law of a jurisdiction other than the Commonwealth that would be a business trust if formed under the law of the Commonwealth.\n\t\t\t\t“Foreign limited liability company” has the same meaning as specified in § 13.1-1002.\n\t\t\t\t“Foreign limited partnership” has the same meaning as specified in § 50-73.1.\n\t\t\t\t“Foreign nonstock corporation” has the same meaning as “foreign corporation” as specified in § 13.1-803.\n\t\t\t\t“Governing instrument” means a trust instrument that creates a business trust and provides for the governance of the affairs of the business trust and the conduct of its business, including, without limitation, a declaration of trust.\n\t\t\t\t“Jurisdiction of formation” means the state or country the law of which includes the organic law governing a domestic or foreign business trust or other business entity.\n\t\t\t\t“Organic law” means the statute governing the internal affairs of a domestic or foreign business trust or other business entity.\n\t\t\t\t“Other business entity” means a domestic or foreign stock corporation, a nonstock corporation, limited liability company, partnership, or limited partnership.\n\t\t\t\t“Person” has the same meaning as specified in § 13.1-603.\n\t\t\t\t“Protected series” has the same meaning as specified in § 13.1-1002.\n\t\t\t\t“Registered limited liability partnership” has the same meaning as specified in § 50-73.79.\n\t\t\t\t“State,” when referring to a part of the United States, includes a state and commonwealth, and their agencies and governmental subdivisions; and a territory and insular possession, and their agencies and governmental subdivisions, of the United States.\n\t\t\t\t“Trust” includes a common law trust, business trust, and foreign business trust.\n\t\t\t\t“Trust surrender” has the same meaning as specified in § 13.1-1264. A certificate of trust surrender is the same as a certificate of domestication.\n\t\t\t\t“Trustee” means a person appointed as a trustee in accordance with the governing instrument of a business trust. “Trustee” may include a beneficial owner of a business trust.\n\t\t\t\t“United States” includes any district, authority, bureau, commission, department, or other agency of the United States.","order_by":null,"text":{"0":{"id":246844,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Articles of trust” means all documents constituting, at any particular time, the articles of trust of a business trust. “Articles of trust” includes the original articles of trust, the original certificate of trust issued by the Commission, and all amendments to the articles of trust. When the articles of trust have been restated pursuant to any articles of amendment, the articles of trust includes only the restated articles of trust and any subsequent amendments to the restated articles of trust, but does not include the articles of amendment accompanying the restated articles of trust. When used with respect to a foreign business trust, the “articles of trust” of such entity means the document that is equivalent to the articles of trust of a domestic business trust.\n\t\t“Beneficial owner” means any owner of a beneficial interest in a business trust, the fact of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument of the business trust.\n\t\t“Business trust” or “domestic business trust” means an unincorporated business, trust, or association that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":246845,"text":"Is governed by a governing instrument under which:\n\t\t\ta. Property is or will be held, managed, administered, controlled, invested, reinvested, or operated by a trustee for the benefit of persons as are or may become entitled to a beneficial interest in the trust property; or\n\t\t\tb. Business or professional activities for profit are carried on or will be carried on by one or more trustees for the benefit of persons as are or may become entitled to a beneficial interest in the trust property; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":246846,"text":"Files articles of trust under \u00a7 13.1-1212.\n\t\t\t“Business trust” includes, without limitation, any of the following entities that conform with subdivisions 1 and 2 of this definition:","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"21"},"3":{"id":246847,"text":"A trust of the type known at common law as a “business trust” or “Massachusetts trust”;","type":"section","prefixes":["2","1"],"prefix":"1","entire_prefix":"21","prefix_anchor":"21","level":2,"prior_prefix":"2","next_prefix":"22"},"4":{"id":246848,"text":"A trust qualifying as a real estate mortgage investment conduit under § 860 D of the United States Internal Revenue Code of 1986, as amended, or under any successor provision;","type":"section","prefixes":["2","2"],"prefix":"2","entire_prefix":"22","prefix_anchor":"22","level":2,"prior_prefix":"21","next_prefix":"23"},"5":{"id":246849,"text":"A trust qualifying as a real estate investment trust under §§ 856 through 859 of the United States Internal Revenue Code of 1986, as amended, or under any successor provision; or","type":"section","prefixes":["2","3"],"prefix":"3","entire_prefix":"23","prefix_anchor":"23","level":2,"prior_prefix":"22","next_prefix":"24"},"6":{"id":246850,"text":"A “real estate investment trust” or “trust” created under former Chapter 9 (§ 6-577 et seq.) of Title 6 or former Chapter 9 (§ 6.1-343 et seq.) of Title 6.1.\n\t\t\t\t“Commission” means the State Corporation Commission of Virginia.\n\t\t\t\t“Domestic,” with respect to an entity, means an entity governed as to its internal affairs by the organic law of the Commonwealth.\n\t\t\t\t“Domestic corporation” has the same meaning as specified in § 13.1-603.\n\t\t\t\t“Domestic limited partnership” has the same meaning as specified in § 50-73.1.\n\t\t\t\t“Domestic nonstock corporation” has the same meaning as “domestic corporation” as specified in § 13.1-803.\n\t\t\t\t“Domestic partnership” means an association of two or more persons to carry on as co-owners a business for profit formed under § 50-73.88, or predecessor law of the Commonwealth, and includes, for all purposes of the laws of the Commonwealth, a registered limited liability partnership.\n\t\t\t\t“Domestic stock corporation” has the same meaning as “domestic corporation” as specified in § 13.1-603.\n\t\t\t\t“Effective date,” when referring to a document for which effectiveness is contingent upon issuance of a certificate by the Commission, means the time and date determined in accordance with § 13.1-1203.\n\t\t\t\t“Entity” includes any domestic or foreign business trust or other business entity, any estate or trust, and any state, the United States, and any foreign government.\n\t\t\t\t“Entity conversion” means conversion. A certificate of entity conversion is the same as a certificate of conversion.\n\t\t\t\t“Foreign” with respect to an entity, means an entity governed as to its internal affairs by the organic law of a jurisdiction other than the Commonwealth.\n\t\t\t\t“Foreign business trust” means a trust formed under the law of a jurisdiction other than the Commonwealth that would be a business trust if formed under the law of the Commonwealth.\n\t\t\t\t“Foreign limited liability company” has the same meaning as specified in § 13.1-1002.\n\t\t\t\t“Foreign limited partnership” has the same meaning as specified in § 50-73.1.\n\t\t\t\t“Foreign nonstock corporation” has the same meaning as “foreign corporation” as specified in § 13.1-803.\n\t\t\t\t“Governing instrument” means a trust instrument that creates a business trust and provides for the governance of the affairs of the business trust and the conduct of its business, including, without limitation, a declaration of trust.\n\t\t\t\t“Jurisdiction of formation” means the state or country the law of which includes the organic law governing a domestic or foreign business trust or other business entity.\n\t\t\t\t“Organic law” means the statute governing the internal affairs of a domestic or foreign business trust or other business entity.\n\t\t\t\t“Other business entity” means a domestic or foreign stock corporation, a nonstock corporation, limited liability company, partnership, or limited partnership.\n\t\t\t\t“Person” has the same meaning as specified in § 13.1-603.\n\t\t\t\t“Protected series” has the same meaning as specified in § 13.1-1002.\n\t\t\t\t“Registered limited liability partnership” has the same meaning as specified in § 50-73.79.\n\t\t\t\t“State,” when referring to a part of the United States, includes a state and commonwealth, and their agencies and governmental subdivisions; and a territory and insular possession, and their agencies and governmental subdivisions, of the United States.\n\t\t\t\t“Trust” includes a common law trust, business trust, and foreign business trust.\n\t\t\t\t“Trust surrender” has the same meaning as specified in § 13.1-1264. A certificate of trust surrender is the same as a certificate of domestication.\n\t\t\t\t“Trustee” means a person appointed as a trustee in accordance with the governing instrument of a business trust. “Trustee” may include a beneficial owner of a business trust.\n\t\t\t\t“United States” includes any district, authority, bureau, commission, department, or other agency of the United States.","type":"section","prefixes":["2","4"],"prefix":"4","entire_prefix":"24","prefix_anchor":"24","level":2,"prior_prefix":"23"}},"ancestry":[{"id":16094,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":12745,"metadata":{},"date_created":"2026-06-26 04:05:44","date_modified":"2026-06-26 04:05:44","permalink":{"id":149113,"object_type":"structure","relational_id":16094,"identifier":"1","token":"13.1\/14\/1","url":"\/13.1\/14\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12745,"edition_id":1,"name":"Virginia Business Trust Act","identifier":"14","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":149111,"object_type":"structure","relational_id":12745,"identifier":"14","token":"13.1\/14","url":"\/13.1\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63435,"structure_id":16094,"section_number":"13.1-1200","catch_line":"Short title","url":"\/13.1-1200\/","token":"13.1\/14\/1\/13.1-1200","metadata":false},{"id":68199,"structure_id":16094,"section_number":"13.1-1201","catch_line":"Definitions","url":"\/13.1-1201\/","token":"13.1\/14\/1\/13.1-1201","metadata":false},{"id":85760,"structure_id":16094,"section_number":"13.1-1202","catch_line":"Filing requirements","url":"\/13.1-1202\/","token":"13.1\/14\/1\/13.1-1202","metadata":false},{"id":70631,"structure_id":16094,"section_number":"13.1-1203","catch_line":"Issuance of certificate by Commission; recordation of documents","url":"\/13.1-1203\/","token":"13.1\/14\/1\/13.1-1203","metadata":false},{"id":65920,"structure_id":16094,"section_number":"13.1-1204","catch_line":"Fees for filing documents and issuing certificates","url":"\/13.1-1204\/","token":"13.1\/14\/1\/13.1-1204","metadata":false},{"id":80814,"structure_id":16094,"section_number":"13.1-1205","catch_line":"Unlawful to sign false documents; penalty","url":"\/13.1-1205\/","token":"13.1\/14\/1\/13.1-1205","metadata":false},{"id":75366,"structure_id":16094,"section_number":"13.1-1206","catch_line":"Unlawful to transact or offer to transact business as a business trust; penalty","url":"\/13.1-1206\/","token":"13.1\/14\/1\/13.1-1206","metadata":false},{"id":83048,"structure_id":16094,"section_number":"13.1-1207","catch_line":"Tax classification","url":"\/13.1-1207\/","token":"13.1\/14\/1\/13.1-1207","metadata":false},{"id":83351,"structure_id":16094,"section_number":"13.1-1208","catch_line":"Separate legal entity","url":"\/13.1-1208\/","token":"13.1\/14\/1\/13.1-1208","metadata":false}],"previous_section":{"id":63435,"structure_id":16094,"section_number":"13.1-1200","catch_line":"Short title","url":"\/13.1-1200\/","token":"13.1\/14\/1\/13.1-1200","metadata":false},"next_section":{"id":85760,"structure_id":16094,"section_number":"13.1-1202","catch_line":"Filing requirements","url":"\/13.1-1202\/","token":"13.1\/14\/1\/13.1-1202","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1201\/","history_text":"

This law was first created in 2002. The record of its establishment is cataloged in chapter 621<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2022, chapter 82<\/a>.<\/p>","references":[{"id":65011,"section_number":"13.1-1002","catch_line":"Definitions","order_by":null,"url":"\/13.1-1002\/"},{"id":70285,"section_number":"13.1-1081","catch_line":"Definitions","order_by":null,"url":"\/13.1-1081\/"},{"id":83518,"section_number":"13.1-603","catch_line":"Definitions","order_by":null,"url":"\/13.1-603\/"},{"id":65210,"section_number":"13.1-803","catch_line":"Definitions","order_by":null,"url":"\/13.1-803\/"},{"id":66037,"section_number":"38.2-301","catch_line":"Insurable interest required; life, accident and sickness insurance","order_by":null,"url":"\/38.2-301\/"},{"id":80626,"section_number":"50-73.1","catch_line":"Definitions","order_by":null,"url":"\/50-73.1\/"}],"refers_to":[{"id":65011,"section_number":"13.1-1002","catch_line":"Definitions","order_by":null,"url":"\/13.1-1002\/"},{"id":70631,"section_number":"13.1-1203","catch_line":"Issuance of certificate by Commission; recordation of documents","order_by":null,"url":"\/13.1-1203\/"},{"id":76794,"section_number":"13.1-1212","catch_line":"Articles of trust","order_by":null,"url":"\/13.1-1212\/"},{"id":79485,"section_number":"13.1-1264","catch_line":"Definitions","order_by":null,"url":"\/13.1-1264\/"},{"id":83518,"section_number":"13.1-603","catch_line":"Definitions","order_by":null,"url":"\/13.1-603\/"},{"id":65210,"section_number":"13.1-803","catch_line":"Definitions","order_by":null,"url":"\/13.1-803\/"},{"id":80626,"section_number":"50-73.1","catch_line":"Definitions","order_by":null,"url":"\/50-73.1\/"},{"id":76467,"section_number":"50-73.79","catch_line":"Definitions","order_by":null,"url":"\/50-73.79\/"},{"id":75229,"section_number":"50-73.88","catch_line":"Formation of partnership","order_by":null,"url":"\/50-73.88\/"}],"permalink":{"id":149119,"object_type":"law","relational_id":68199,"identifier":"13.1-1201","token":"13.1\/14\/1\/13.1-1201","url":"\/13.1-1201\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-1201\/","token":"13.1\/14\/1\/13.1-1201","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1201","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Articles of trust<\/span>” means all documents constituting, at any particular time, the articles of trust<\/span> of a business trust. “Articles of trust<\/span>” includes the original articles of trust<\/span>, the original certificate of trust issued by the Commission<\/span>, and all amendments to the articles of trust<\/span>. When the articles of trust<\/span> have been restated pursuant to any articles of amendment, the articles of trust<\/span> includes only the restated articles of trust<\/span> and any subsequent amendments to the restated articles of trust<\/span>, but does not include the articles of amendment accompanying the restated articles of trust<\/span>. When used with respect to a foreign business trust<\/span>, the “articles of trust<\/span>” of such entity<\/span> means the document that is equivalent to the articles of trust<\/span> of a domestic business trust<\/span>.\n\t\t“Beneficial owner<\/span>” means any owner of a beneficial interest in a business trust, the fact<\/span> of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument<\/span> of the business trust.\n\t\t“Business trust” or “domestic business trust<\/span>” means an unincorporated business, trust, or association that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is governed by a governing instrument<\/span> under which:\n\t\t\ta. Property is or will be held, managed, administered, controlled, invested, reinvested, or operated by a trustee<\/span> for the benefit of persons<\/span> as are or may become entitled to a beneficial interest in the trust property; or\n\t\t\tb. Business or professional activities for profit are carried on or will be carried on by one or more trustees<\/span> for the benefit of persons<\/span> as are or may become entitled to a beneficial interest in the trust property; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Files articles of trust<\/span> under \u00a7 13.1-1212<\/a>.\n\t\t\t“Business trust” includes, without limitation, any of the following entities that conform with subdivisions 1 and 2 of this definition: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A trust of the type known at common law<\/span> as a “business trust” or “Massachusetts trust”; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A trust qualifying as a real estate mortgage investment conduit under § 860 D of the United States<\/span> Internal Revenue Code of 1986, as amended, or under any successor provision; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A trust qualifying as a real estate investment trust under §§ 856 through 859 of the United States<\/span> Internal Revenue Code of 1986, as amended, or under any successor provision; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A “real estate investment trust” or “trust” created under former Chapter 9 (§ 6-577 et seq.) of Title 6 or former Chapter 9 (§ 6.1-343 et seq.) of Title 6.1.\n\t\t\t\t“Commission<\/span>” means the State Corporation Commission<\/span> of Virginia.\n\t\t\t\t“Domestic,” with respect to an entity, means an entity governed as to its internal affairs by the organic law<\/span> of the Commonwealth.\n\t\t\t\t“Domestic corporation<\/span>” has the same meaning as specified in § 13.1-603<\/a>.\n\t\t\t\t“Domestic limited partnership<\/span>” has the same meaning as specified in § 50-73.1<\/a>.\n\t\t\t\t“Domestic nonstock corporation<\/span>” has the same meaning as “domestic corporation<\/span>” as specified in § 13.1-803<\/a>.\n\t\t\t\t“Domestic partnership<\/span>” means an association of two or more persons<\/span> to carry on as co-owners a business for profit formed under § 50-73.88<\/a>, or predecessor law of the Commonwealth, and includes, for all purposes of the laws<\/span> of the Commonwealth, a registered limited liability partnership<\/span>.\n\t\t\t\t“Domestic stock corporation<\/span>” has the same meaning as “domestic corporation<\/span>” as specified in § 13.1-603<\/a>.\n\t\t\t\t“Effective date,” when referring to a document for which effectiveness is contingent upon issuance of a certificate by the Commission<\/span>, means the time and date determined in accordance with § 13.1-1203<\/a>.\n\t\t\t\t“Entity” includes any domestic or foreign business trust<\/span> or other business entity<\/span>, any estate or trust, and any state, the United States<\/span>, and any foreign government.\n\t\t\t\t“Entity conversion<\/span>” means conversion. A certificate of entity conversion<\/span> is the same as a certificate of conversion.\n\t\t\t\t“Foreign” with respect to an entity, means an entity governed as to its internal affairs by the organic law<\/span> of a jurisdiction other than the Commonwealth.\n\t\t\t\t“Foreign business trust<\/span>” means a trust formed under the law of a jurisdiction other than the Commonwealth that would be a business trust if formed under the law of the Commonwealth.\n\t\t\t\t“Foreign limited liability company<\/span>” has the same meaning as specified in § 13.1-1002<\/a>.\n\t\t\t\t“Foreign limited partnership<\/span>” has the same meaning as specified in § 50-73.1<\/a>.\n\t\t\t\t“Foreign nonstock corporation<\/span>” has the same meaning as “foreign corporation<\/span>” as specified in § 13.1-803<\/a>.\n\t\t\t\t“Governing instrument<\/span>” means a trust instrument that creates a business trust and provides for the governance of the affairs of the business trust and the conduct of its business, including, without limitation, a declaration of trust.\n\t\t\t\t“Jurisdiction of formation<\/span>” means the state or country the law of which includes the organic law<\/span> governing a domestic or foreign business trust<\/span> or other business entity<\/span>.\n\t\t\t\t“Organic law<\/span>” means the statute<\/span> governing the internal affairs of a domestic or foreign business trust<\/span> or other business entity<\/span>.\n\t\t\t\t“Other business entity<\/span>” means a domestic or foreign stock corporation, a nonstock corporation, limited liability company, partnership, or limited partnership.\n\t\t\t\t“Person<\/span>” has the same meaning as specified in § 13.1-603<\/a>.\n\t\t\t\t“Protected series<\/span>” has the same meaning as specified in § 13.1-1002<\/a>.\n\t\t\t\t“Registered limited liability partnership<\/span>” has the same meaning as specified in § 50-73.79<\/a>.\n\t\t\t\t“State,” when referring to a part of the United States<\/span>, includes a state and commonwealth, and their agencies and governmental subdivisions; and a territory and insular possession<\/span>, and their agencies and governmental subdivisions, of the United States<\/span>.\n\t\t\t\t“Trust” includes a common law<\/span> trust, business trust, and foreign business trust<\/span>.\n\t\t\t\t“Trust surrender<\/span>” has the same meaning as specified in § 13.1-1264<\/a>. A certificate of trust surrender<\/span> is the same as a certificate of domestication.\n\t\t\t\t“Trustee<\/span>” means a person<\/span> appointed as a trustee<\/span> in accordance with the governing instrument<\/span> of a business trust. “Trustee<\/span>” may include a beneficial owner<\/span> of a business trust.\n\t\t\t\t“United States<\/span>” includes any district, authority, bureau, commission<\/span>, department, or other agency of the United States<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 13.1-1201)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Articles of trust” means all documents constituting, at any\nparticular time, the articles of trust of a business trust. “Articles of\ntrust” includes the original articles of trust, the original certificate\nof trust issued by the Commission, and all amendments to the articles of trust.\nWhen the articles of trust have been restated pursuant to any articles of\namendment, the articles of trust includes only the restated articles of trust\nand any subsequent amendments to the restated articles of trust, but does not\ninclude the articles of amendment accompanying the restated articles of trust.\nWhen used with respect to a foreign business trust, the “articles of\ntrust” of such entity means the document that is equivalent to the\narticles of trust of a domestic business trust.\n\t\t“Beneficial owner” means any owner of a beneficial interest in a\nbusiness trust, the fact of ownership to be determined and evidenced, whether by\nmeans of registration, the issuance of certificates or otherwise, in conformity\nto the applicable provisions of the governing instrument of the business trust.\n\t\t“Business trust” or “domestic business trust” means an\nunincorporated business, trust, or association that:\n\n1. Is governed by a governing instrument under which:\n\t\t\ta. Property is or will be held, managed, administered, controlled, invested,\nreinvested, or operated by a trustee for the benefit of persons as are or may\nbecome entitled to a beneficial interest in the trust property; or\n\t\t\tb. Business or professional activities for profit are carried on or will be\ncarried on by one or more trustees for the benefit of persons as are or may\nbecome entitled to a beneficial interest in the trust property; and\n\n2. Files articles of trust under \u00a7 13.1-1212.\n\t\t\t“Business trust” includes, without limitation, any of the\nfollowing entities that conform with subdivisions 1 and 2 of this definition:\n\n 1. A trust of the type known at common law as a “business trust”\n or “Massachusetts trust”;\n\n 2. A trust qualifying as a real estate mortgage investment conduit under\n § 860 D of the United States Internal Revenue Code of 1986, as amended,\n or under any successor provision;\n\n 3. A trust qualifying as a real estate investment trust under §§ 856\n through 859 of the United States Internal Revenue Code of 1986, as amended, or\n under any successor provision; or\n\n 4. A “real estate investment trust” or “trust” created\n under former Chapter 9 (§ 6-577 et seq.) of Title 6 or former Chapter 9\n (§ 6.1-343 et seq.) of Title 6.1.\n \t\t\t\t“Commission” means the State Corporation Commission of\n Virginia.\n \t\t\t\t“Domestic,” with respect to an entity, means an entity\n governed as to its internal affairs by the organic law of the Commonwealth.\n \t\t\t\t“Domestic corporation” has the same meaning as specified in\n § 13.1-603.\n \t\t\t\t“Domestic limited partnership” has the same meaning as\n specified in § 50-73.1.\n \t\t\t\t“Domestic nonstock corporation” has the same meaning as\n “domestic corporation” as specified in § 13.1-803.\n \t\t\t\t“Domestic partnership” means an association of two or more\n persons to carry on as co-owners a business for profit formed under §\n 50-73.88, or predecessor law of the Commonwealth, and includes, for all\n purposes of the laws of the Commonwealth, a registered limited liability\n partnership.\n \t\t\t\t“Domestic stock corporation” has the same meaning as\n “domestic corporation” as specified in § 13.1-603.\n \t\t\t\t“Effective date,” when referring to a document for which\n effectiveness is contingent upon issuance of a certificate by the Commission,\n means the time and date determined in accordance with § 13.1-1203.\n \t\t\t\t“Entity” includes any domestic or foreign business trust or\n other business entity, any estate or trust, and any state, the United States,\n and any foreign government.\n \t\t\t\t“Entity conversion” means conversion. A certificate of entity\n conversion is the same as a certificate of conversion.\n \t\t\t\t“Foreign” with respect to an entity, means an entity governed\n as to its internal affairs by the organic law of a jurisdiction other than the\n Commonwealth.\n \t\t\t\t“Foreign business trust” means a trust formed under the law of\n a jurisdiction other than the Commonwealth that would be a business trust if\n formed under the law of the Commonwealth.\n \t\t\t\t“Foreign limited liability company” has the same meaning as\n specified in § 13.1-1002.\n \t\t\t\t“Foreign limited partnership” has the same meaning as\n specified in § 50-73.1.\n \t\t\t\t“Foreign nonstock corporation” has the same meaning as\n “foreign corporation” as specified in § 13.1-803.\n \t\t\t\t“Governing instrument” means a trust instrument that creates a\n business trust and provides for the governance of the affairs of the business\n trust and the conduct of its business, including, without limitation, a\n declaration of trust.\n \t\t\t\t“Jurisdiction of formation” means the state or country the law\n of which includes the organic law governing a domestic or foreign business\n trust or other business entity.\n \t\t\t\t“Organic law” means the statute governing the internal affairs\n of a domestic or foreign business trust or other business entity.\n \t\t\t\t“Other business entity” means a domestic or foreign stock\n corporation, a nonstock corporation, limited liability company, partnership,\n or limited partnership.\n \t\t\t\t“Person” has the same meaning as specified in § 13.1-603.\n \t\t\t\t“Protected series” has the same meaning as specified in §\n 13.1-1002.\n \t\t\t\t“Registered limited liability partnership” has the same\n meaning as specified in § 50-73.79.\n \t\t\t\t“State,” when referring to a part of the United States,\n includes a state and commonwealth, and their agencies and governmental\n subdivisions; and a territory and insular possession, and their agencies and\n governmental subdivisions, of the United States.\n \t\t\t\t“Trust” includes a common law trust, business trust, and\n foreign business trust.\n \t\t\t\t“Trust surrender” has the same meaning as specified in §\n 13.1-1264. A certificate of trust surrender is the same as a certificate of\n domestication.\n \t\t\t\t“Trustee” means a person appointed as a trustee in accordance\n with the governing instrument of a business trust. “Trustee” may\n include a beneficial owner of a business trust.\n \t\t\t\t“United States” includes any district, authority, bureau,\n commission, department, or other agency of the United States.\n\nHISTORY: 2002, c. 621; 2021, Sp. Sess. I, c. 487; 2022, c. 82.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}