{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1080.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1080.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1080.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1080.html"}],"law_id":76122,"edition_id":1,"section_id":76122,"structure_id":15663,"section_number":"6.2-1080","catch_line":"Limitation on powers","history":"2003, c. 910, \u00a7 6.1-32.30:7; 2010, c. 794.","full_text":"A\n\nIn the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity for which it acts as a fiduciary of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person as owner of any portion of the estate, trust, or otherwise.B\n\nWithout limitation to subsection A, no family member who is a stockholder or member or who otherwise holds an equity interest in, or is serving as a director, officer, manager, or employee of, a private trust company shall participate in or otherwise have a voice in any discretionary decision by the private trust company to distribute income or principal of any trust in order to discharge a legal obligation of the family member or for the family member’s pecuniary benefit, unless:1\n\nThe exercise of the discretion is limited by an ascertainable standard relating to the health, education, support, or maintenance of that family member;2\n\nThe distribution is necessary for that family member’s support, health, or education; or3\n\nThe instrument governing the administration of that trust clearly so provides.","order_by":null,"text":{"0":{"id":273211,"text":"In the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity for which it acts as a fiduciary of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person as owner of any portion of the estate, trust, or otherwise.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":273212,"text":"Without limitation to subsection A, no family member who is a stockholder or member or who otherwise holds an equity interest in, or is serving as a director, officer, manager, or employee of, a private trust company shall participate in or otherwise have a voice in any discretionary decision by the private trust company to distribute income or principal of any trust in order to discharge a legal obligation of the family member or for the family member’s pecuniary benefit, unless:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":273213,"text":"The exercise of the discretion is limited by an ascertainable standard relating to the health, education, support, or maintenance of that family member;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":273214,"text":"The distribution is necessary for that family member’s support, health, or education; or","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":273215,"text":"The instrument governing the administration of that trust clearly so provides.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2"}},"ancestry":[{"id":15663,"edition_id":1,"name":"Private Trust Companies","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:57:36","date_modified":"2026-06-26 03:57:36","permalink":{"id":263993,"object_type":"structure","relational_id":15663,"identifier":"5","token":"6.2\/II\/10\/5","url":"\/6.2\/II\/10\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13001,"edition_id":1,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263687,"object_type":"structure","relational_id":13001,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60351,"structure_id":15663,"section_number":"6.2-1074","catch_line":"Definitions","url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074","metadata":false},{"id":75783,"structure_id":15663,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075","metadata":false},{"id":59929,"structure_id":15663,"section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076","metadata":false},{"id":83696,"structure_id":15663,"section_number":"6.2-1077","catch_line":"Reacquisition of shares or interests; dividends","url":"\/6.2-1077\/","token":"6.2\/II\/10\/5\/6.2-1077","metadata":false},{"id":84978,"structure_id":15663,"section_number":"6.2-1078","catch_line":"Offices","url":"\/6.2-1078\/","token":"6.2\/II\/10\/5\/6.2-1078","metadata":false},{"id":81113,"structure_id":15663,"section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079","metadata":false},{"id":76122,"structure_id":15663,"section_number":"6.2-1080","catch_line":"Limitation on powers","url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080","metadata":false}],"previous_section":{"id":81113,"structure_id":15663,"section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1080\/","history_text":"

This law was first created in 2003. The record of its establishment is cataloged in chapter 910<\/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 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264019,"object_type":"law","relational_id":76122,"identifier":"6.2-1080","token":"6.2\/II\/10\/5\/6.2-1080","url":"\/6.2-1080\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080","dublin_core":{"Title":"Limitation on powers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1080","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In the exercise of any power held by a private trust company<\/span> in its capacity as a fiduciary<\/span>, the private trust company<\/span> shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity<\/span> for which it acts as a fiduciary<\/span> of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets<\/span> of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person<\/span> as owner of any portion of the estate, trust, or otherwise. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Without limitation to subsection A, no family member<\/span> who is a stockholder or member or who otherwise holds an equity<\/span> interest in, or is serving as a director, officer, manager, or employee of, a private trust company<\/span> shall participate in or otherwise have a voice in any discretionary decision by the private trust company<\/span> to distribute income or principal of any trust in order<\/span> to discharge a legal obligation of the family member<\/span> or for the family member<\/span>’s pecuniary benefit, unless: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The exercise of the discretion is limited by an ascertainable standard relating to the health, education, support, or maintenance of that family member<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The distribution is necessary for that family member<\/span>’s support, health, or education; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The instrument governing the administration of that trust clearly so provides. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITATION ON POWERS (\u00a7 6.2-1080)\n\nA. In the exercise of any power held by a private trust company in its capacity\nas a fiduciary, the private trust company shall have a duty not to exercise any\npower in such a way as to deprive the estate, trust, or other entity for which\nit acts as a fiduciary of an otherwise available tax exemption, deduction, or\ncredit for tax purposes or deprive a donor of trust assets of a tax exemption,\ndeduction, or credit or operate to impose a tax upon a donor or other person as\nowner of any portion of the estate, trust, or otherwise.\n\nB. Without limitation to subsection A, no family member who is a stockholder or\nmember or who otherwise holds an equity interest in, or is serving as a\ndirector, officer, manager, or employee of, a private trust company shall\nparticipate in or otherwise have a voice in any discretionary decision by the\nprivate trust company to distribute income or principal of any trust in order to\ndischarge a legal obligation of the family member or for the family\nmember’s pecuniary benefit, unless:\n\n 1. The exercise of the discretion is limited by an ascertainable standard\n relating to the health, education, support, or maintenance of that family\n member;\n\n 2. The distribution is necessary for that family member’s support,\n health, or education; or\n\n 3. The instrument governing the administration of that trust clearly so\n provides.\n\nHISTORY: 2003, c. 910, \u00a7 6.1-32.30:7; 2010, c. 794.","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}}