{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-780.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-780.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-780.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-780.html"}],"law_id":57841,"edition_id":1,"section_id":57841,"structure_id":14391,"section_number":"64.2-780","catch_line":"Definition of terms","history":"1999, c. 772, \u00a7 26-45.13; 2007, c. 517; 2012, c. 614.","full_text":"As used in this article:\n\t\t“Controlling document” means the will, agreement, power of attorney, court order, or other instrument creating the fiduciary powers.\n\t\t“Trust” includes the assets under the control or management of the trustee.\n\t\t“Trustee” includes any fiduciary as defined in \u00a7 8.01-2, an attorney-in-fact or agent acting for a principal under a written power of attorney, a custodian under \u00a7 64.2-1911, and a custodial trustee under \u00a7 64.2-906.","order_by":null,"text":{"0":{"id":211784,"text":"As used in this article:\n\t\t“Controlling document” means the will, agreement, power of attorney, court order, or other instrument creating the fiduciary powers.\n\t\t“Trust” includes the assets under the control or management of the trustee.\n\t\t“Trustee” includes any fiduciary as defined in \u00a7 8.01-2, an attorney-in-fact or agent acting for a principal under a written power of attorney, a custodian under \u00a7 64.2-1911, and a custodial trustee under \u00a7 64.2-906.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14391,"edition_id":1,"name":"Uniform Prudent Investor Act","identifier":"9","label":"article","depth":4,"order_by":1,"parent_id":12725,"metadata":{},"date_created":"2026-06-26 03:47:58","date_modified":"2026-06-26 03:47:58","permalink":{"id":274685,"object_type":"structure","relational_id":14391,"identifier":"9","token":"64.2\/III\/7\/9","url":"\/64.2\/III\/7\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12725,"edition_id":1,"name":"Uniform Trust Code","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":274107,"object_type":"structure","relational_id":12725,"identifier":"7","token":"64.2\/III\/7","url":"\/64.2\/III\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":57841,"structure_id":14391,"section_number":"64.2-780","catch_line":"Definition of terms","url":"\/64.2-780\/","token":"64.2\/III\/7\/9\/64.2-780","metadata":false},{"id":80791,"structure_id":14391,"section_number":"64.2-781","catch_line":"Prudent investor rule","url":"\/64.2-781\/","token":"64.2\/III\/7\/9\/64.2-781","metadata":false},{"id":86440,"structure_id":14391,"section_number":"64.2-782","catch_line":"Standard of care; portfolio strategy; risk and return objectives","url":"\/64.2-782\/","token":"64.2\/III\/7\/9\/64.2-782","metadata":false},{"id":61446,"structure_id":14391,"section_number":"64.2-783","catch_line":"Diversification by trustee","url":"\/64.2-783\/","token":"64.2\/III\/7\/9\/64.2-783","metadata":false},{"id":75505,"structure_id":14391,"section_number":"64.2-784","catch_line":"Duties at inception of trusteeship","url":"\/64.2-784\/","token":"64.2\/III\/7\/9\/64.2-784","metadata":false},{"id":55729,"structure_id":14391,"section_number":"64.2-785","catch_line":"Loyalty and impartiality","url":"\/64.2-785\/","token":"64.2\/III\/7\/9\/64.2-785","metadata":false},{"id":78422,"structure_id":14391,"section_number":"64.2-786","catch_line":"Investment costs","url":"\/64.2-786\/","token":"64.2\/III\/7\/9\/64.2-786","metadata":false},{"id":72391,"structure_id":14391,"section_number":"64.2-787","catch_line":"Reviewing compliance","url":"\/64.2-787\/","token":"64.2\/III\/7\/9\/64.2-787","metadata":false},{"id":63912,"structure_id":14391,"section_number":"64.2-788","catch_line":"Delegation of investment and management functions","url":"\/64.2-788\/","token":"64.2\/III\/7\/9\/64.2-788","metadata":false},{"id":81931,"structure_id":14391,"section_number":"64.2-789","catch_line":"Language invoking standard of article","url":"\/64.2-789\/","token":"64.2\/III\/7\/9\/64.2-789","metadata":false},{"id":69448,"structure_id":14391,"section_number":"64.2-790","catch_line":"Application to existing trusts","url":"\/64.2-790\/","token":"64.2\/III\/7\/9\/64.2-790","metadata":false},{"id":74364,"structure_id":14391,"section_number":"64.2-791","catch_line":"Uniformity of application and construction","url":"\/64.2-791\/","token":"64.2\/III\/7\/9\/64.2-791","metadata":false}],"next_section":{"id":80791,"structure_id":14391,"section_number":"64.2-781","catch_line":"Prudent investor rule","url":"\/64.2-781\/","token":"64.2\/III\/7\/9\/64.2-781","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-780\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 772<\/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 2 times. 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. Those modifications are as follows: in 2007, chapter 517<\/a>; in 2012, chapter 614<\/a>.<\/p>","references":[{"id":79828,"section_number":"2.2-4501","catch_line":"Legal investments for other public funds","order_by":null,"url":"\/2.2-4501\/"},{"id":82053,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","order_by":null,"url":"\/2.2-4519\/"},{"id":70345,"section_number":"57-39.22","catch_line":"Certain representations unlawful; perpetual care trust fund required","order_by":null,"url":"\/57-39.22\/"},{"id":79409,"section_number":"64.2-105","catch_line":"Incorporation by reference of certain powers of fiduciaries into will or trust instrument","order_by":null,"url":"\/64.2-105\/"},{"id":65653,"section_number":"64.2-1501","catch_line":"Time within which guardian of an estate, conservator, or other fiduciary to invest funds; reasonable diligence required","order_by":null,"url":"\/64.2-1501\/"},{"id":55439,"section_number":"64.2-1502","catch_line":"In what securities fiduciaries may invest; definitions","order_by":null,"url":"\/64.2-1502\/"},{"id":61387,"section_number":"64.2-1504","catch_line":"Investments in municipal bonds by banks or trust companies","order_by":null,"url":"\/64.2-1504\/"},{"id":60907,"section_number":"64.2-1505","catch_line":"Investments that cease to be eligible may be retained","order_by":null,"url":"\/64.2-1505\/"},{"id":59902,"section_number":"64.2-1612","catch_line":"Agent's duties","order_by":null,"url":"\/64.2-1612\/"},{"id":56318,"section_number":"64.2-1911","catch_line":"Care of custodial property; duties of custodian","order_by":null,"url":"\/64.2-1911\/"},{"id":65102,"section_number":"64.2-763","catch_line":"Duty to administer trust and invest","order_by":null,"url":"\/64.2-763\/"},{"id":58429,"section_number":"64.2-764","catch_line":"Duty of loyalty","order_by":null,"url":"\/64.2-764\/"},{"id":64170,"section_number":"64.2-906","catch_line":"General duties of custodial trustee","order_by":null,"url":"\/64.2-906\/"}],"refers_to":[{"id":56318,"section_number":"64.2-1911","catch_line":"Care of custodial property; duties of custodian","order_by":null,"url":"\/64.2-1911\/"},{"id":64170,"section_number":"64.2-906","catch_line":"General duties of custodial trustee","order_by":null,"url":"\/64.2-906\/"},{"id":80120,"section_number":"8.01-2","catch_line":"General definitions for this title","order_by":null,"url":"\/8.01-2\/"}],"permalink":{"id":274687,"object_type":"law","relational_id":57841,"identifier":"64.2-780","token":"64.2\/III\/7\/9\/64.2-780","url":"\/64.2-780\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-780\/","token":"64.2\/III\/7\/9\/64.2-780","dublin_core":{"Title":"Definition of terms","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-780","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article:\n\t\t“Controlling document<\/span>” means the will<\/span>, agreement, power of attorney<\/span>, court order<\/span>, or other instrument creating the fiduciary<\/span> powers.\n\t\t“Trust<\/span>” includes the assets<\/span> under the control or management of the trustee<\/span>.\n\t\t“Trustee<\/span>” includes any fiduciary<\/span> as defined in \u00a7 8.01-2<\/a>, an attorney-in-fact<\/span><\/span> or agent acting for a principal under a written power of attorney<\/span>, a custodian under \u00a7 64.2-1911<\/a>, and a custodial trustee<\/span> under \u00a7 64.2-906<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITION OF TERMS (\u00a7 64.2-780)\n\nAs used in this article:\n\t\t“Controlling document” means the will, agreement, power of\nattorney, court order, or other instrument creating the fiduciary powers.\n\t\t“Trust” includes the assets under the control or management of the\ntrustee.\n\t\t“Trustee” includes any fiduciary as defined in \u00a7 8.01-2, an\nattorney-in-fact or agent acting for a principal under a written power of\nattorney, a custodian under \u00a7 64.2-1911, and a custodial trustee under \u00a7\n64.2-906.\n\nHISTORY: 1999, c. 772, \u00a7 26-45.13; 2007, c. 517; 2012, c. 614.","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}}