                                 CODE OF VIRGINIA

PROTECTION OF CHARITABLE INTEREST (§ 64.2-779.11)

A. As used in this section:
			&#8220;Determinable charitable interest&#8221; means a charitable interest
that is a right to a mandatory distribution currently, periodically, on the
occurrence of a specified event, or after the passage of a specified time and
that is unconditional or will be held solely for charitable purposes.
			&#8220;Unconditional&#8221; means not subject to the occurrence of a
specified event that is not certain to occur, other than a requirement in a
trust instrument that a charitable organization be in existence or qualify under
a particular provision of the United States Internal Revenue Code of 1986 on the
date of the distribution, if the charitable organization meets the requirement
on the date of determination.

B. If a first trust contains a determinable charitable interest, the Attorney
General has the rights of a qualified beneficiary and may represent and bind the
charitable interest.

C. If a first trust contains a charitable interest, the second trust or trusts
may not:

   1. Diminish the charitable interest;

   2. Diminish the interest of an identified charitable organization that holds
   the charitable interest;

   3. Alter any charitable purpose stated in the first-trust instrument; or

   4. Alter any condition or restriction related to the charitable interest.

D. If there are two or more second trusts, the second trusts shall be treated as
one trust for purposes of determining whether the exercise of the decanting
power diminishes the charitable interest or diminishes the interest of an
identified charitable organization for purposes of subsection C.

E. If a first trust contains a determinable charitable interest, the second
trust or trusts that include a charitable interest pursuant to subsection C must
be administered under the law of the Commonwealth unless:

   1. The Attorney General, after receiving notice under &#xA7; 64.2-779.5, fails
   to object in a signed record delivered to the authorized fiduciary within the
   notice period;

   2. The Attorney General consents in a signed record to the second trust or
   trusts being administered under the law of another jurisdiction; or

   3. The court approves the exercise of the decanting power.

F. This article does not limit the powers and duties of the Attorney General
under law of the Commonwealth other than this article.

HISTORY: 2017, c. 592.