                                 CODE OF VIRGINIA

SCOPE (§ 64.2-700)

A. This chapter applies to express inter vivos trusts, charitable or
noncharitable, and trusts created pursuant to a statute, judgment, or decree
that requires the trust to be administered in the manner of an express trust.
This chapter also applies to testamentary trusts, except to the extent that
specific provision is made for them in Part A (§ 64.2-1200 et seq.) of Subtitle
IV or elsewhere in the Code of Virginia, or to the extent it is clearly
inapplicable to them. Section 64.2-775, which provides the duties of a trustee
to inform and report to the trust&#8217;s beneficiaries, shall apply to
testamentary trusts. For purposes of this subsection, the word
&#8220;trust&#8221; and the words &#8220;trustee&#8221; or
&#8220;fiduciary,&#8221; as used in Part A (§ 64.2-1200 et seq.) of Subtitle
IV, shall be deemed to refer to testamentary trusts and testamentary trustees,
except to the extent that the use of such words is clearly inapplicable to
testamentary trusts and testamentary trustees. This chapter shall not apply to:

   1. A trust that is primarily used for business, investment, or commercial
   transactions, including business trusts, land trusts (&#xA7; 55.1-117), deeds
   of trusts (Article 2 (&#xA7; 55.1-316 et seq.) of Chapter 3 of Title 55.1),
   voting trusts, common trust funds, security arrangements, liquidation trusts,
   trusts created by deposit arrangement in a financial institution, and trusts
   created for paying debts, dividends, interest, or profits.

   2. A trust that is used primarily for employment including trusts created for
   paying salaries, wages, pensions, or employee benefits of any kind.

   3. A trust under which a person is a nominee or escrowee for another.

   4. Other special purpose trusts governed by particular statutes, including
   trusts under Title 57.

B. Notwithstanding subsection A, a court, in exercising jurisdiction over the
supervision or administration of trusts, may determine that application of the
policies, procedures, or rules of the Code is appropriate to resolution of
particular issues.

HISTORY: 2005, c. 935, § 55-541.02; 2012, c. 614.