Source: https://secure.ssa.gov/apps10/poms.nsf/lnx/1507240052
Timestamp: 2018-04-25 01:04:43
Document Index: 593190195

Matched Legal Cases: ['§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 31', '§ 8', '§ 26', '§ 26', '§ 26']

SSA - POMS: PR 07240.052 - Virginia - 02/09/2009
PR 07240.052 Virginia
Virginia has adopted the Uniform Prudent Investor Act, which requires a trustee to invest trust assets "as a prudent investor would by considering the purposes, terms, distribution requirements, and other circumstances of the trust". Va. Code Ann. § 26-45.4 (Michie 1999). The prudent investor rule may be expanded, restricted, eliminated, or otherwise altered by the provisions of the trust. Va. Code Ann. § 26-45.3 (Michie 1999). In order to satisfy the "prudent investor" rule, the trustee must "exercise reasonable care, skill, and caution." Id. The trustee should consider the following circumstances in investing trust assets:
Va. Code Ann. § 26-45.4(C) (Michie 1999).
Pursuant to Virginia law, a trustee may invest in "any kind of property or type of investment consistent with the standards" of the Uniform Prudent Investor Act. Va. Code Ann. § 26-45.4(E) (Michie 1999). The following investments will be conclusively presumed to be prudent when made by any "fiduciary," including a trustee:
1) Obligations of the Commonwealth, its agencies and political subdivisions, subject to specific requirements;
(2) Obligations of the United States, subject to specific requirements; and
(3) Savings accounts, time deposits or certificates of deposit, subject to specific requirements.
Va. Code Ann. § 26-40.01(B) (Michie 1999). _1/
Trustees in Virginia must follow the same rules previously described for trustees in the District of Columbia. Va. Code Ann. §§ 26-45.4(D), (F); 26-45.5; 26-45.7; 26-45.8; 26-45.10 (Michie 1999).
In Virginia, a child's mother and father are "natural guardians" of the child. Va. Code Ann. § 31-1 (Michie 1999). Guardians are bound by the same investment rules as trustees. Va. Code Ann. § 8.01-2 (Michie 1999). Accordingly, a parent payee in Virginia is bound by the same rules previously described as applying to trustees in Virginia.
_1/ Additional investments are "conclusively presumed to have been prudent" when made in accordance with investments by the Virginia Resources Authority or pursuant to the Virginia Housing Development Authority Act. Va. Code Ann. §§ 26-40, 36-55.44, 62.1-221 (Michie 1999). This extensive list of investments set forth in Va. Code Ann. § 26-40 (Michie 1999) does not apply to investments by trustees, but may provide guidance in assessing whether investments not listed in Va. Code Ann. § 26-40.1(B) (Michie 1999) were prudent.
http://policy.ssa.gov/poms.nsf/lnx/1507240052
PR 07240.052 - Virginia - 02/09/2009