reglab/housing_qa huggingface dataset:
VA Code § 64.2-789 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-789. Language invoking standard of article

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified by language articulating the investment standard to which the trustee is to be held, authorizes any investment or strategy permitted under this article: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule."1999, c. 772, § 26-45.11; 2012, c. 614.
VA Code § 64.2-790 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-790. Application to existing trusts

This article applies to trusts existing on and created after January 1, 2000. As applied to trusts existing on its effective date, this article governs only decisions or actions occurring after that date.1999, c. 772, § 26-45.12; 2012, c. 614.
VA Code § 64.2-791 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-791. Uniformity of application and construction

This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among the states enacting it.1999, c. 772, § 26-45.14; 2012, c. 614.
VA Code § 64.2-792 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-792. Remedies for breach of trust

A. A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.B. To remedy a breach of trust that has occurred or may occur, the court may:1. Compel the trustee to perform the trustee's duties;2. Enjoin the trustee from committing a breach of trust;3. Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;4. Order a trustee to account;5. Appoint a special fiduciary to take possession of the trust property and administer the trust;6. Suspend the trustee;7. Remove the trustee as provided in § 64.2-759;8. Reduce or deny compensation to the trustee;9. Subject to § 64.2-803, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or10. Order any other appropriate relief.2005, c. 935, § 55-550.01; 2012, c. 614.
VA Code § 64.2-793 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-793. Damages for breach of trust

A. A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:1. The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or2. The profit the trustee made by reason of the breach.B. Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.2005, c. 935, § 55-550.02; 2012, c. 614.
VA Code § 64.2-794 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-794. Damages in absence of breach

A. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.2005, c. 935, § 55-550.03; 2012, c. 614.
VA Code § 64.2-795 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-795. Attorney fees and costs

In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.2005, c. 935, § 55-550.04; 2012, c. 614.
VA Code § 64.2-796 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-796. Limitation of action against trustee

A. A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.B. A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.C. If subsection A does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust shall be commenced within five years after the first to occur of:1. The removal, resignation, or death of the trustee;2. The termination of the beneficiary's interest in the trust; or3. The termination of the trust.D. Whenever fraud has been perpetrated in connection with any proceeding or in any statement filed under this chapter, or if fraud is used to avoid or circumvent the provisions or purposes of this chapter, any person injured thereby may obtain appropriate relief against the perpetrator of the fraud or restitution from any person benefiting from the fraud, whether innocent or not, except for a bona fide purchaser. Any proceeding shall be commenced within two years after the fraud is discovered, but no proceeding may be brought against one not a perpetrator of the fraud later than five years after the time the fraud is committed. This section does not apply to remedies for fraud practiced on a decedent during his lifetime that affects the succession of his estate.E. The provisions of this section shall not operate to reduce the period of limitations applicable to actions and suits governed by § 8.01-245.2005, c. 935, § 55-550.05; 2012, c. 614.
VA Code § 64.2-797 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-797. Reliance on trust instrument

A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.2005, c. 935, § 55-550.06; 2012, c. 614.
VA Code § 64.2-798 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-798. Event affecting administration or distribution

If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.2005, c. 935, § 55-550.07; 2012, c. 614.
VA Code § 64.2-799 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-799. Exculpation of trustee

A. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:1. Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or2. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.B. An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the existence and contents of the exculpatory term were adequately communicated to the settlor.2005, c. 935, § 55-550.08; 2012, c. 614.
VA Code § 64.2-800 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-800. Beneficiary's consent, release, or ratification

A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:1. The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or2. At the time of the consent, release, or ratification, the beneficiary did not know of the beneficiary's rights or of the material facts relating to the breach.2005, c. 935, § 55-550.09; 2012, c. 614.
VA Code § 64.2-801 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-801. Limitation on personal liability of trustee

A. Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity.B. A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault.C. A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim.2005, c. 935, § 55-550.10; 2012, c. 614.
VA Code § 64.2-802 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-802. Interest as general partner

A. Except as otherwise provided in subsection C or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to the Uniform Partnership Act (§ 50-73.79 et seq.).B. Except as otherwise provided in subsection C, a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.C. The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings, or parents, or the spouse of any of them.D. If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.2005, c. 935, § 55-550.11; 2012, c. 614.
VA Code § 64.2-803 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-803. Protection of person dealing with trustee

A. A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee properly exercised the power.B. A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.C. A person who in good faith delivers assets to a trustee need not ensure their proper application.D. A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.E. Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.2005, c. 935, § 55-550.12; 2012, c. 614.
VA Code § 64.2-804 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-804. Certification of trust

A. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:1. That the trust exists and the date the trust instrument was executed;2. The identity of the settlor;3. The identity and address of the currently acting trustee;4. The powers of the trustee;5. The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust;6. The authority of cotrustees to sign or otherwise authenticate and whether all or less than all are required in order to exercise powers of the trustee;7. The trust's taxpayer identification number; and8. The manner of taking title to trust property.B. A certification of trust may be signed or otherwise authenticated by any trustee.C. A certification of trust shall state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect.D. A certification of trust need not contain the dispositive terms of a trust.E. A recipient of a certification of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and later amendments that designate the trustee and confer upon the trustee the power to act in the pending transaction.F. A person who acts in reliance upon a certification of trust without knowledge that the representations contained therein are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying upon the certification.G. A person who in good faith enters into a transaction in reliance upon a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.H. A person making a demand for the trust instrument in addition to a certification of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument.I. This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.2005, c. 935, § 55-550.13; 2012, c. 614.
VA Code § 64.2-805 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-805. Uniformity of application and construction

In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.2005, c. 935, § 55-551.01; 2012, c. 614.
VA Code § 64.2-806 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-806. Electronic records and signatures

The provisions of this chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of § 102 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7002) and supersede, modify, and limit the requirements of the Electronic Signatures in Global and National Commerce Act.2005, c. 935, § 55-551.02; 2012, c. 614.
VA Code § 64.2-808 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-808. Application to existing relationships

A. Except as otherwise provided in this chapter:1. This chapter applies to all trusts created before, on, or after July 1, 2006;2. This chapter applies to all judicial proceedings concerning trusts commenced on or after July 1, 2006;3. This chapter applies to judicial proceedings concerning trusts commenced before July 1, 2006, unless the court finds that application of a particular provision of this chapter would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this chapter does not apply and the superseded law applies;4. Any rule of construction or presumption provided in this chapter applies to trust instruments executed before July 1, 2006, unless there is a clear indication of a contrary intent in the terms of the trust; and5. An act done before July 1, 2006, is not affected by this chapter.B. If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before July 1, 2006, that statute continues to apply to the right even if it has been repealed or superseded.2005, c. 935, § 55-551.06; 2012, c. 614.
VA Code § 64.2-900 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 9 - Uniform Custodial Trust Act|§ 64.2-900. Definitions

As used in this chapter:"Adult" means an individual who is at least 18 years of age."Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this chapter."Conservator" means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions."Court" means a circuit court of the Commonwealth."Custodial trust property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest."Custodial trustee" means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated."Guardian" means a person appointed or qualified by a court as a guardian of a person, including a limited guardian, but not a person who is only a guardian ad litem."Incapacitated" means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause."Legal representative" means a personal representative or conservator."Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption."Person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity."Personal representative" means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them."State" means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico."Transferor" means a person who creates a custodial trust by transfer or declaration."Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.1990, c. 264, § 55-34.1; 2012, c. 614.
VA Code § 64.2-901 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 9 - Uniform Custodial Trust Act|§ 64.2-901. Custodial trust; creation and termination; general provisions

A. A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration if the property is of a type subject to registration, or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under this chapter.B. In addition, a person may create a custodial trust of property by a written declaration, evidenced by registration of the property if the property is of a type subject to registration, or by other instrument of declaration, executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under this chapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.C. Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.D. The beneficiary, if not incapacitated, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary declaring the termination. The conservator of an incapacitated beneficiary may similarly terminate the custodial trust in this manner but only if granted the power by the circuit court that appointed him in a proceeding in which the custodial trustee is made a party. If not previously terminated, the custodial trust terminates on the death of the beneficiary. A transferor may not terminate a custodial trust except as provided in this subsection.E. Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.F. The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.G. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.1990, c. 264, § 55-34.2; 2012, c. 614.