                                 CODE OF VIRGINIA

DEFAULT AND MANDATORY RULES (§ 64.2-703)

A. Except as otherwise provided in the terms of the trust, this chapter governs
the duties and powers of a trustee, relations among trustees, and the rights and
interests of a beneficiary.

B. The terms of a trust prevail over any provision of this chapter except:

   1. The requirements for creating a trust;

   2. Subject to subsection I of &#xA7; 64.2-756 and &#xA7;&#xA7; 64.2-779.32 and
   64.2-779.34, the duty of a trustee to act in good faith and in accordance with
   the terms and purposes of the trust and the interests of the beneficiaries;

   3. The requirement that a trust and its terms be for the benefit of its
   beneficiaries, and that the trust have a purpose that is lawful, not contrary
   to public policy, and possible to achieve;

   4. The power of the court to modify or terminate a trust under &#xA7;&#xA7;
   64.2-728 through 64.2-734;

   5. The effect of a spendthrift provision and the rights of certain creditors
   and assignees to reach a trust as provided in Article 5 (&#xA7; 64.2-742 et
   seq.);

   6. The power of the court under &#xA7; 64.2-755 to require, dispense with, or
   modify or terminate a bond;

   7. The power of the court under subsection B of &#xA7; 64.2-761 to adjust a
   trustee&#8217;s compensation specified in the terms of the trust that is
   unreasonably low or high;

   8. The effect of an exculpatory term under &#xA7; 64.2-799;

   9. The rights under &#xA7;&#xA7; 64.2-801 through 64.2-804 of a person other
   than a trustee or beneficiary;

   10. Periods of limitation for commencing a judicial proceeding; and

   11. The power of the court to take such action and exercise such jurisdiction
   as may be necessary in the interests of justice.

HISTORY: 2005, c. 935, § 55-541.05; 2007, c. 216; 2012, c. 614; 2020, c. 768.