Source: http://dcmetrotrustcode.com/article/article-4/
Timestamp: 2017-11-22 16:31:26
Document Index: 560053722

Matched Legal Cases: ['§ 401', '§ 402', '§ 403', '§ 404', '§ 405', '§ 406', '§ 407', '§ 408', '§ 409', '§ 410', '§ 411', '§ 412', '§ 413', '§ 414', '§ 415', '§ 416', '§ 417', '§ 19', '§ 64', '§ 64', '§ 64', '§ 64', '§ 64', '§ 64', '§ 401', '§ 19', '§ 14', '§ 64', '§ 404', '§ 19', '§ 14', '§ 64', '§ 406', '§ 19', '§ 14', '§ 64', '§ 407', '§ 19', '§ 14', '§ 64', '§ 417', '§ 19', '§ 14', '§ 64', '§ 64', '§ 509', '§ 4947', '§ 4947', '§ 64', '§ 509', '§ 4947', '§ 4942', '§ 4941', '§ 4943', '§ 4944', '§ 4945', '§ 64', '§ 642', '§ 508', '§ 64', '§ 642', '§ 64', '§ 64', '§ 642']

Article 4 Archives - DC Metro Trust CodeDC Metro Trust Code
— Creation, Validity, Modification and Termination of a Trust
§ 401 § 402 § 403 § 404 § 405 § 406 § 407 § 408 § 409 § 410 § 411 § 412 § 413 § 414 § 415 § 416 § 417 —– DC § 19-1304.18 VA § 64.2-736 VA § 64.2-737 VA § 64.2-738 VA § 64.2-739 VA § 64.2-740 VA § 64.2-741
§ 401. Methods of creating trust.
§ 19-1304.01. Methods of creating trust.
§ 14.5–401. Creation of trust.
(1) Transfer of property to another person as trustee during the lifetime of the settlor or by will or other disposition taking effect on the death of the settlor;
§ 64.2-719. Methods of creating trust
B. A circuit court, upon petition from an interested party, may create and establish a trust with such
trustee and such terms as the court determines. In an order creating and establishing the trust, the court
shall determine whether the trustee shall have a duty to qualify in the clerk's office; post bond, with or
without surety; or file an inventory and annual accounting with the commissioner of accounts as would
apply to a testamentary trustee.
§ 404. Trust purposes.
§ 19-1304.04. Trust purposes.
§ 14.5–404. Purposes and benefits.
(a) A trust may be created only to the extent that the purposes of the trust are lawful, not contrary to public policy, and possible to achieve.
(b) A trust and the terms of the trust shall be for the benefit of the beneficiaries of the trust.
§ 64.2-722. Trust purposes
§ 406. Creation of trust induced by fraud, duress, or undue influence.
§ 19-1304.06. Creation of trust induced by fraud, duress, or undue influence.
§ 14.5-405. Void trusts.
A trust is void to the extent that the creation of the trust was induced by fraud, duress, or undue influence.
§ 64.2-724. Creation of trust induced by fraud, duress, or undue influence
§ 407. Evidence of oral trust.
Except as required by a statute other than this [Code], a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
§ 19-1304.07. Evidence of oral trust.
§ 14.5-406. Oral trusts established by clear and convincing evidence.
§ 64.2-725. Evidence of oral trust
§ 417. Combination and division of trusts.
§ 19-1304.17. Combination and division of trusts.
§ 14.5-415. Division or consolidation of trust.
***Former MD E&T 14-106 re-enacted***
(a) (1) Subject to the provisions of paragraph (2) of this subsection, on petition by a trustee, personal representative, beneficiary, or party in interest, after notice as the court may direct to the trustees, personal representatives, beneficiaries, and parties in interest, and for good cause shown, a court may:
(i) Divide a trust into two or more separate trusts; or
(ii) Consolidate two or more trusts into a single trust.
(2) A court may divide a trust or consolidate trusts:
(i) On terms and conditions as the court considers appropriate; and
(ii) If the court is satisfied that a division of a trust or consolidation of trusts will not defeat or materially impair:
1. The accomplishment of trust purposes; or
2. The interests of the beneficiaries.
(3) a court may pass orders that the court considers proper or necessary to protect the interests of:
(ii) A personal representative;
(iv) A party in interest.
(b) [MISSING "AFTER NOTICE TO THE QUALIFIED BENEFICIARIES"] This section may not be construed to limit the right of a trustee or personal representative to divide a trust or consolidate trusts, without an order of a court, in accordance with the applicable provisions of the governing instrument [MISSING "IF THE RESULT DOES NOT . . . THE PURPOSES OF THE TRUST].
§ 64.2-735. Combination and division of trusts
After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not materially impair the rights of any beneficiary or adversely affect achievement of the purposes of the trust.
§ 64.2-736. Amendment of trust where gift, grant, or will establishes private foundation or constitutes a charitable trust or a split-interest trust
When any such gift, grant, devise, or bequest establishes a private foundation, as defined in § 509 of the Internal Revenue Code, or constitutes a charitable trust, as described in § 4947(a)(1) of the Internal Revenue Code, or a split-interest trust, as described in § 4947(a)(2) of the Internal Revenue Code, the trustee or trustees of such trust, with the concurrence of the creator of the trust, if then living and able to give such consent, and the Attorney General, may, without resort to any court, unless such amendment is inconsistent with an express provision of such trust's governing instrument, amend the terms of such trust to bring such trust into or continue such trust in conformity with requirements for exemption of such trust, or any interest therein, from federal taxes. When such gift, grant, or will is recorded, a copy of such amendment shall be similarly recorded.
§ 64.2-737. Distribution of income of trust that is a private foundation or a charitable trust; prohibitions as to such private foundation
Every trust that is a private foundation, as defined in § 509 of the Internal Revenue Code, or a charitable trust, as described in § 4947(a)(1) of the Internal Revenue Code, unless its governing instrument expressly includes specific provisions to the contrary, shall distribute its income, and if necessary principal, for each taxable year at such time and in such manner as not to subject such trust to tax under § 4942 of the Internal Revenue Code, and such trust shall not engage in any act of self-dealing, as defined in § 4941(d) of the Internal Revenue Code, retain any excess business holdings, as defined in § 4943(c) of the Internal Revenue Code, make any investments in such manner as to give rise to liability for the tax imposed by § 4944 of the Internal Revenue Code, or make any taxable expenditures, as defined in § 4945(d) of the Internal Revenue Code.
§ 64.2-739. Application of §§ 642-737 and 642-738
Sections 64.2-737 and 64.2-738 shall apply to any private foundation, charitable trust, or split-interest trust defined or described therein and established after December 31, 1969; and to any such private foundation, charitable trust, or split-interest trust established before January 1, 1970, only for its taxable years beginning on and after January 1, 1972, unless the exceptions provided in § 508(e)(2)(A) or (B) of the Internal Revenue Code shall apply or unless the trustee or trustees shall elect that this section shall not apply by filing written notice of such election with the Attorney General, and with the clerk of the court in which its governing instrument may be recorded, on or before December 31, 1971.
§ 64.2-740. Interpretation of references to Internal Revenue Code in §§ 642-736 through 642-739
Each reference to a section of the Internal Revenue Code made in §§ 64.2-736 through 64.2-739 shall include future amendments to such Code sections and corresponding provisions of future internal revenue laws.
§ 64.2-741. Powers of courts not impaired by §§ 642-736 through 642-740; severability