                                 CODE OF VIRGINIA

SPECIFIC POWERS OF TRUSTEE (§ 64.2-778)

A. Without limiting the authority conferred by § 64.2-777, a trustee may:

   1. Collect trust property and accept or reject additions to the trust property
   from a settlor or any other person;

   2. Acquire or sell property, for cash or on credit, at public or private sale;

   3. Exchange, partition, or otherwise change the character of trust property;

   4. Deposit trust money in an account in a regulated financial service
   institution;

   5. Borrow money, with or without security, and mortgage or pledge trust
   property for a period within or extending beyond the duration of the trust;

   6. With respect to an interest in a proprietorship, partnership, limited
   liability company, business trust, corporation, or other form of business or
   enterprise, continue the business or other enterprise and take any action that
   may be taken by shareholders, members, or property owners, including merging,
   dissolving, or otherwise changing the form of business organization or
   contributing additional capital;

   7. With respect to stocks or other securities, exercise the rights of an
   absolute owner, including the right to:
   				a. Vote, or give proxies to vote, with or without power of substitution,
   or enter into or continue a voting trust agreement;
   				b. Hold a security in the name of a nominee or in other form without
   disclosure of the trust so that title may pass by delivery;
   				c. Pay calls, assessments, and other sums chargeable or accruing against
   the securities, and sell or exercise stock subscription or conversion rights;
   				d. Deposit the securities with a depository or other regulated financial
   service institution; and
   				e. Consent directly or through a committee or other agent to the merger,
   consolidation, reorganization, readjustment of capital or financial structure,
   lease, sale, dissolution, or liquidation of a business enterprise and elect
   whether to participate as a member of a class in any litigation involving
   securities;

   8. With respect to an interest in real property, construct, or make ordinary
   or extraordinary repairs to, alterations to, or improvements in, buildings or
   other structures, demolish improvements, raze existing or erect new party
   walls or buildings, subdivide or develop land, dedicate land to public use or
   grant public or private easements, make or vacate plats and adjust boundaries,
   and make contracts, licenses, leases, conveyances, or grants of every nature
   and kind with respect to crops, gravel, sand, oil, gas, timber and forest
   products, other usufruct rights, or natural resources, and other benefits or
   incidents of the real property;

   9. Enter into a lease for any purpose as lessor or lessee, including a lease
   or other arrangement for exploration and removal of natural resources, with or
   without the option to purchase or renew, for a period within or extending
   beyond the duration of the trust;

   10. Grant an option involving a sale, lease, or other disposition of trust
   property or acquire an option for the acquisition of property, including an
   option exercisable beyond the duration of the trust, and exercise an option so
   acquired;

   11. Insure the property of the trust against damage or loss and insure the
   trustee, the trustee&#8217;s agents, and beneficiaries against liability
   arising from the administration of the trust;

   12. Abandon or decline to administer property of no value or of insufficient
   value to justify its collection or continued administration;

   13. With respect to possible liability for violation of environmental law:
   				a. Inspect or investigate property the trustee holds or has been asked to
   hold, or property owned or operated by an organization in which the trustee
   holds or has been asked to hold an interest, for the purpose of determining
   the application of environmental law with respect to the property;
   				b. Take action to prevent, abate, or otherwise remedy any actual or
   potential violation of any environmental law affecting property held directly
   or indirectly by the trustee, whether taken before or after the assertion of a
   claim or the initiation of governmental enforcement;
   				c. Decline to accept property into trust or disclaim any power with
   respect to property that is or may be burdened with liability for violation of
   environmental law;
   				d. Compromise claims against the trust that may be asserted for an alleged
   violation of environmental law; and
   				e. Pay the expense of any inspection, review, abatement, or remedial
   action to comply with environmental law;

   14. Pay or contest any claim, settle a claim by or against the trust, and
   release, in whole or in part, a claim belonging to the trust;

   15. Pay taxes, assessments, compensation of the trustee and of employees and
   agents of the trust, and other expenses incurred in the administration of the
   trust;

   16. Exercise elections with respect to federal, state, and local taxes,
   including considering discretionary distributions to a beneficiary as being
   made from capital gains realized during the year;

   17. Select a mode of payment under any employee benefit or retirement plan,
   annuity, or life insurance payable to the trustee, exercise rights thereunder,
   including exercise of the right to indemnification for expenses and against
   liabilities, and take appropriate action to collect the proceeds;

   18. Make loans out of trust property, including loans to a beneficiary on
   terms and conditions the trustee considers to be fair and reasonable under the
   circumstances, and the trustee has a lien on future distributions for
   repayment of those loans;

   19. Pledge trust property to guarantee loans made:
   				a. By others to the beneficiary; or
   				b. To any proprietorship, partnership, limited liability company, business
   trust, corporation, venture, agricultural operation, or other form of business
   or enterprise in which the trust or any beneficiary has a direct or an
   indirect ownership interest;

   20. Guarantee loans made to any:
   				a. Beneficiary; or
   				b. Proprietorship, partnership, limited liability company, business trust,
   corporation, venture, agricultural operation, or other form of business or
   enterprise in which the trust or any beneficiary has a direct or an indirect
   ownership interest;

   21. Appoint a trustee to act in another jurisdiction with respect to trust
   property located in the other jurisdiction, confer upon the appointed trustee
   all of the powers and duties of the appointing trustee, require that the
   appointed trustee furnish security, and remove any trustee so appointed;

   22. Pay an amount distributable to a beneficiary who is under a legal
   disability or who the trustee reasonably believes is incapacitated, by paying
   it directly to the beneficiary or applying it for the beneficiary&#8217;s
   benefit, or by:
   				a. Paying it to the beneficiary&#8217;s conservator or, if the beneficiary
   does not have a conservator, the beneficiary&#8217;s guardian;
   				b. Paying it to the beneficiary&#8217;s custodian under the Uniform
   Transfers to Minors Act (&#xA7; 64.2-1900 et seq.) or custodial trustee under
   the Uniform Custodial Trust Act (&#xA7; 64.2-900 et seq.), and, for that
   purpose, creating a custodianship or custodial trust;
   				c. If the trustee does not know of a conservator, guardian, custodian, or
   custodial trustee, paying it to an adult relative or other person having legal
   or physical care or custody of the beneficiary, to be expended on the
   beneficiary&#8217;s behalf; or
   				d. Managing it as a separate fund on the beneficiary&#8217;s behalf,
   subject to the beneficiary&#8217;s continuing right to withdraw the
   distribution;

   23. On distribution of trust property or the division or termination of a
   trust, make distributions in divided or undivided interests, allocate
   particular assets in proportionate or disproportionate shares, value the trust
   property for those purposes, and adjust for resulting differences in
   valuation, and may distribute trust property in kind or in cash, or partially
   in kind and partially in cash, in divided or undivided interests;

   24. Resolve a dispute concerning the interpretation of the trust or its
   administration by mediation, arbitration, or other procedure for alternative
   dispute resolution;

   25. Prosecute or defend an action, claim, or judicial proceeding in any
   jurisdiction to protect trust property and the trustee in the performance of
   the trustee&#8217;s duties;

   26. Sign and deliver contracts and other instruments that are useful to
   achieve or facilitate the exercise of the trustee&#8217;s powers;

   27. On termination of the trust, exercise all of the powers otherwise
   exercisable by the trustee during the administration of the trust, including,
   without limitation, investment powers, the power to sell assets, the powers
   pursuant to subdivision 23, and any additional powers appropriate to wind up
   the administration of the trust and distribute the trust property to the
   persons entitled to it; and

   28. Form a corporation or other entity and transfer, assign, and convey to
   such corporation or entity all or part of the trust property in exchange for
   stock, securities, or obligations of such corporation or entity, and continue
   to hold such stock and securities and obligations.

B. Any reference in a trust instrument incorporating the powers authorized under
&#xA7; 64.2-105 shall not be construed to limit powers a trustee may exercise
pursuant to this section, unless the settlor expressly states in the trust
instrument that such reference should be so construed.

HISTORY: 2005, c. 935, § 55-548.16; 2012, c. 614; 2025, c. 165.