reglab/housing_qa huggingface dataset:
VA Code § 64.2-779.22 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.22. Settlor

A. For purposes of law of the Commonwealth other than this article and subject to subsection B, a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the income or principal of the first trust subject to the exercise of the decanting power.B. In determining settlor intent with respect to a second trust, the intent of a settlor of the first trust, a settlor of the second trust, and the authorized fiduciary may be considered.2017, c. 592.
VA Code § 64.2-779.23 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.23. Later-discovered property

A. Except as otherwise provided in subsection C, if exercise of the decanting power was intended to distribute all the income or principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the power is part of the trust estate of the second trust or trusts.B. Except as otherwise provided in subsection C, if exercise of the decanting power was intended to distribute less than all the income or principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power remains part of the trust estate of the first trust.C. An authorized fiduciary may provide in an exercise of the decanting power or by the terms of a second trust for disposition of later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power.2017, c. 592.
VA Code § 64.2-779.24 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.24. Obligations

A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.2017, c. 592.
VA Code § 64.2-779.25 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.25. Accountings

If accounts for the first trust are filed with the commissioner of accounts, the accounts for the second trust shall be filed with the commissioner of accounts unless the court orders otherwise.2017, c. 592.
VA Code § 64.2-779.26 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.26. Definitions

As used in this article, unless the context requires a different meaning:"Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that trust director or trustee by the terms of the trust, this article, or law of the Commonwealth other than this article pertaining to trusts."Directed trust" means a trust for which the terms of the trust grant a power of direction.2020, c. 768.
VA Code § 64.2-779.27 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.27. Application

A. Except as otherwise provided in subsection B and § 64.2-779.28, this article applies to a trust that has its principal place of administration in the Commonwealth and that:1. Is created on or after July 1, 2020;2. Is amended by a settlor on or after July 1, 2020;3. Is amended or modified on or after July 1, 2020, by a nonjudicial settlement agreement under § 64.2-709, by a second-trust instrument under the Uniform Trust Decanting Act (§ 64.2-779.1 et seq.), or by the court; or4. In the case of any trust not described in subdivision A 1, A 2, or A 3, was made subject to subsection E of § 64.2-770, as it existed prior to the effective date of this article, by specific reference in the trust instrument.B. In the case of a trust described in subdivision A 2 or A 3, this article applies only to a decision or action on or after the date of the first such amendment or modification.C. Any trust, decision, or action to which this article does not apply shall be governed by the following rules:1. If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of the trustee, the trustee shall act in accordance with an exercise of the power unless the attempted exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person holding the power owes to the beneficiaries of the trust.2. The terms of a trust may confer upon a trustee or other person a power to direct the modification or termination of the trust.3. A person, other than a beneficiary, who holds a power to direct is presumptively a fiduciary who, as such, is required to act in good faith with regard to the purposes of the trust and the interests of the beneficiaries. The holder of a power to direct is liable for any loss that results from breach of a fiduciary duty.2020, c. 768.
VA Code § 64.2-779.28 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.28. Exclusions

A. This article does not apply to a:1. Power of appointment;2. Power to appoint or remove a trustee or trust director;3. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;4. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:a. The beneficiary; orb. Another beneficiary represented by the beneficiary under Article 3 (§ 64.2-714 et seq.) with respect to the exercise or nonexercise of the power;5. Power over a trust if:a. The terms of the trust provide that the power is held in a nonfiduciary capacity; andb. The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code; or6. Power over a trust if the terms of the trust provide that the Uniform Directed Trust Act does not apply to the trust.B. Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.2020, c. 768.
VA Code § 64.2-779.29 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.29. Powers of trust director

A. Subject to § 64.2-779.30, the terms of a trust may grant a power of direction to a trust director.B. Unless the terms of a trust provide otherwise:1. A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the trust director under subsection A; and2. Trust directors with joint powers must act by majority decision.2020, c. 768.
VA Code § 64.2-779.30 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.30. Limitations on trust director

A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under subdivision B 1 of § 64.2-779.29 regarding:1. A payback provision in the terms of a trust necessary to comply with the reimbursement requirements of Medicaid law in § 1917 of the Social Security Act, 42 U.S.C. § 1396p(d)(4)(A), as amended; and2. A charitable interest in the trust, including notice regarding the interest to the Attorney General.2020, c. 768.
VA Code § 64.2-779.31 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.31. Duty and liability of trust director

A. Subject to subsection B, with respect to a power of direction or further power under subdivision B 1 of § 64.2-779.29:1. A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:a. If the power is held individually, as a sole trustee in a like position and under similar circumstances; orb. If the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and2. The terms of the trust may vary the trust director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.B. Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this article to provide health care in the ordinary course of the trust director's business or practice of a profession, to the extent the trust director acts in that capacity, the trust director has no duty or liability under this article.C. The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities imposed under this section.2020, c. 768.
VA Code § 64.2-779.32 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.32. Duty and liability of directed trustee

A. Subject to subsection B, a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under subdivision B 1 of § 64.2-779.29, and the trustee is not liable for the action.B. A directed trustee must not comply with a trust director's exercise or nonexercise of a power of direction or further power under subdivision B 1 of § 64.2-779.29 to the extent that by complying the trustee would engage in willful misconduct.C. An exercise of a power of direction under which a trust director may release a trustee or another trust director from liability for breach of trust is not effective if:1. The breach involved the trustee's or other trust director's willful misconduct;2. The release was induced by improper conduct of the trustee or other trust director in procuring that release; or3. At the time of the release, the trust director did not know the material facts relating to the breach.D. A directed trustee that has reasonable doubt about its duty under this section may petition the court for instructions.E. The terms of a trust may impose a duty or liability on a directed trustee in addition to the duties and liabilities under this section.2020, c. 768.
VA Code § 64.2-779.33 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.33. Duty to provide information to trust director or trustee

A. Subject to § 64.2-779.34, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:1. The powers or duties of the trustee; and2. The powers or duties of the trust director.B. Subject to § 64.2-779.34, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both to:1. The powers or duties of the trust director; and2. The powers or duties of the trustee or other trust director.C. A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trustee engages in willful misconduct.D. A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trust director engages in willful misconduct.2020, c. 768.
VA Code § 64.2-779.34 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.34. No duty to monitor, inform, or advise

A. Unless the terms of a trust provide otherwise:1. A trustee does not have a duty to:a. Monitor a trust director; orb. Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the trust director; and2. By taking an action described in subdivision 1, a trustee does not assume the duty excluded by subdivision 1.B. Unless the terms of a trust provide otherwise:1. A trust director does not have a duty to:a. Monitor a trustee or another trust director; orb. Inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the trust director might have acted differently than a trustee or another trust director; and2. By taking an action described in subdivision 1, a trust director does not assume the duty excluded by subdivision 1.2020, c. 768.
VA Code § 64.2-779.35 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.35. Limitation of action against trust director

A. An action against a trust director for breach of trust must be commenced within the same limitation period as under § 64.2-796 for an action for breach of trust against a trustee in a like position and under similar circumstances.B. A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have under § 64.2-796 in an action for breach of trust against a trustee in a like position and under similar circumstances.2020, c. 768.
VA Code § 64.2-779.36 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.36. Defenses in action against trust director

In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.2020, c. 768.
VA Code § 64.2-779.37 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.37. Jurisdiction over trust director

A. By accepting appointment as a trust director of a trust subject to this article, the trust director submits to personal jurisdiction of the courts of the Commonwealth regarding any matter related to a power or duty of the trust director.B. This section does not preclude other methods of obtaining jurisdiction over a trust director.2020, c. 768.
VA Code § 64.2-779.38 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.38. Office of trust director

Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:1. Acceptance under § 64.2-754;2. Giving of bond to secure performance under § 64.2-755;3. Reasonable compensation under § 64.2-761;4. Resignation under § 64.2-758;5. Removal under § 64.2-759; and6. Vacancy and appointment of successor under § 64.2-757.2020, c. 768.
VA Code § 64.2-780 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-780. Definition of terms

As used in this article:"Controlling document" means the will, agreement, power of attorney, court order, or other instrument creating the fiduciary powers."Trust" includes the assets under the control or management of the trustee."Trustee" includes any fiduciary as defined in § 8.01-2, an attorney-in-fact or agent acting for a principal under a written power of attorney, a custodian under § 64.2-1911, and a custodial trustee under § 64.2-906.1999, c. 772, § 26-45.13; 2007, c. 517; 2012, c. 614.
VA Code § 64.2-781 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-781. Prudent investor rule

A. Except as otherwise provided in subsection B or § 2.2-4519 or 64.2-1502, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this article.B. The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A general authorization in a controlling document authorizing a trustee to invest in such assets as the trustee, in his sole discretion, may deem best, or other language purporting to expand the trustee's investment powers, shall not be construed to waive the rule of subsection A unless the controlling document expressly manifests an intention that it be waived (i) by reference to the "prudent man" or "prudent investor" rule, (ii) by reference to power of the trustee to make "speculative" investments, (iii) by an express authorization to acquire or retain a specific asset or type of asset such as a closely held business, or (iv) by other language synonymous with clause (i), (ii) or (iii). A trustee shall not be liable to a beneficiary for the trustee's good faith reliance on a waiver of the rule of subsection A.1999, c. 772, § 26-45.3; 2012, c. 614.
VA Code § 64.2-782 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-782. Standard of care; portfolio strategy; risk and return objectives

A. A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.B. A trustee's investment and management decisions respecting individual assets shall be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.C. Among circumstances that a trustee shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries:1. General economic conditions;2. The possible effect of inflation or deflation;3. The expected tax consequences of investment decisions or strategies;4. The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;5. The expected total return from income and the appreciation of capital;6. Other resources of the beneficiaries;7. Needs for liquidity, regularity of income, and preservation or appreciation of capital; and8. An asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.D. A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.E. A trustee may invest in any kind of property or type of investment consistent with the standards of this article.F. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.G. A trustee may hold any policies of life insurance acquired by gift or pursuant to an express permission or direction in the governing instrument including an authority granted by subdivision B 19 of § 64.2-105 with no duty or need to (i) determine whether any such policy is or remains a proper investment, (ii) dispose of such policy in order to diversify the investments of the trust, or (iii) exercise policy options under any such contract not essential to the continuation of the life insurance provided by such contract. However, apart from these specific authorities, this subsection is not intended and shall not be construed to affect the application of the standard of judgment and care as set forth in this section. This subsection shall apply to all trusts, regardless of when established.1999, c. 772, § 26-45.4; 2012, c. 614.
VA Code § 64.2-783 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-783. Diversification by trustee

A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.1999, c. 772, § 26-45.5; 2012, c. 614.
VA Code § 64.2-784 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-784. Duties at inception of trusteeship

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this article.1999, c. 772, § 26-45.6; 2012, c. 614.
VA Code § 64.2-785 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-785. Loyalty and impartiality

A. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.B. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.1999, c. 772, § 26-45.7; 2012, c. 614.
VA Code § 64.2-786 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-786. Investment costs

In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.1999, c. 772, § 26-45.8; 2012, c. 614.
VA Code § 64.2-787 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-787. Reviewing compliance

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.1999, c. 772, § 26-45.9; 2012, c. 614.
VA Code § 64.2-788 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-788. Delegation of investment and management functions

A. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:1. Selecting an agent;2. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and3. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.C. A trustee who complies with the requirements of subsection A is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.D. By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth.1999, c. 772, § 26-45.10; 2012, c. 614.