reglab/housing_qa huggingface dataset:
VA Code § 64.2-755 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-755. Trustee's bond

A. Except as otherwise provided in Part A (§ 64.2-1200 et seq.) of Subtitle IV, a trustee shall give bond, or bond with surety or other security, to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.B. The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.C. A regulated financial service institution qualified to do trust business in the Commonwealth need not give bond, even if required by the terms of the trust.2005, c. 935, § 55-547.02; 2012, c. 614.
VA Code § 64.2-756 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-756. Cotrustees

A. Cotrustees who are unable to reach a unanimous decision may act by majority decision.B. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.C. Subject to subsection I, a cotrustee shall participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity, or the cotrustee has properly delegated the performance of the function to another trustee.D. If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.E. A trustee may delegate to a cotrustee the performance of any function other than a function that the terms of the trust expressly require to be performed by the trustees jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.F. Except as otherwise provided in subsection G, a trustee who does not join in an action of another trustee is not liable for the action.G. Subject to subsection I, each trustee shall exercise reasonable care to:1. Prevent a cotrustee from committing a serious breach of trust; and2. Compel a cotrustee to redress a serious breach of trust.H. A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.I. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust director's power of direction under §§ 64.2-779.32, 64.2-779.33, and 64.2-779.34.2005, c. 935, § 55-547.03; 2012, c. 614; 2020, c. 768.
VA Code § 64.2-757 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-757. Vacancy in trusteeship; appointment of successor

A. A vacancy in a trusteeship occurs if:1. A person designated as trustee rejects the trusteeship;2. A person designated as trustee cannot be identified or does not exist;3. A trustee resigns;4. A trustee is disqualified or removed;5. A trustee dies; or6. An individual serving as trustee is adjudicated an incapacitated person.B. If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.C. A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:1. By a person designated pursuant to the terms of the trust to act as successor trustee;2. By a person appointed by unanimous agreement of the qualified beneficiaries; or3. By a person appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406, or pursuant to § 64.2-712.D. A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:1. By a person designated pursuant to the terms of the trust to act as successor trustee;2. By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust, subject, however, to the concurrence of the Attorney General in any case in which he has previously requested of an organization so designated that he be consulted regarding the selection of successor; or3. By a person appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406, or pursuant to § 64.2-712.E. Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.F. A successor or surviving trustee shall succeed to all the rights, powers, and privileges, and shall be subject to all the duties, liabilities, and responsibilities imposed upon the original trustee without regard to the nature of discretionary powers conferred by the instrument, unless the trust instrument expressly provides to the contrary, or unless an order appointing the successor trustee provides otherwise.2005, c. 935, § 55-547.04; 2012, c. 614.
VA Code § 64.2-758 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-758. Resignation of trustee

A. A trustee may resign:1. Upon at least 30 days' notice to the settlor, if living, to all cotrustees, and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust that the settlor has the capacity to revoke; or2. With the approval of the court.B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.C. Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.2005, c. 935, § 55-547.05; 2012, c. 614.
VA Code § 64.2-759 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-759. Removal of trustee

A. The settlor, a cotrustee, or a beneficiary, or, in the case of a charitable trust, the Attorney General may petition the court to remove a trustee, or a trustee may be removed by the court on its own initiative.B. The court may remove a trustee if:1. The trustee has committed a serious breach of trust;2. Lack of cooperation among cotrustees substantially impairs the administration of the trust;3. Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or4. There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.C. Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under subsection B of § 64.2-792 as may be necessary to protect the trust property or the interests of the beneficiaries.2005, c. 935, § 55-547.06; 2012, c. 614.
VA Code § 64.2-760 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-760. Delivery of property by former trustee

A. Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.B. A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.C. Title to all trust property shall be owned and vested in any successor trustee, upon acceptance of the trusteeship, without any conveyance, transfer, or assignment by the prior trustee.2005, c. 935, § 55-547.07; 2012, c. 614.
VA Code § 64.2-761 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-761. Compensation of trustee

A. If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.B. If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:1. The duties of the trustee are substantially different from those contemplated when the trust was created; or2. The compensation specified by the terms of the trust would be unreasonably low or high.2005, c. 935, § 55-547.08; 2012, c. 614.
VA Code § 64.2-762 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-762. Reimbursement of expenses

A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:1. Expenses that were properly incurred in the administration of the trust; and2. To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.B. An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.2005, c. 935, § 55-547.09; 2012, c. 614.
VA Code § 64.2-763 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-763. Duty to administer trust and invest

Upon acceptance of a trusteeship, the trustee shall administer the trust and invest trust assets in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter. In administering, managing and investing trust assets, the trustee shall comply with the provisions of the Uniform Prudent Investor Act (§ 64.2-780 et seq.) and the Uniform Principal and Income Act (§ 64.2-1000 et seq.).2005, c. 935, § 55-548.01; 2012, c. 614.
VA Code § 64.2-765 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-765. Impartiality

If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.2005, c. 935, § 55-548.03; 2012, c. 614.
VA Code § 64.2-766 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-766. Prudent administration

A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.2005, c. 935, § 55-548.04; 2012, c. 614.
VA Code § 64.2-767 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-767. Costs of administration

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.2005, c. 935, § 55-548.05; 2012, c. 614.
VA Code § 64.2-768 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-768. Trustee's skills

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, shall use those special skills or expertise.2005, c. 935, § 55-548.06; 2012, c. 614.
VA Code § 64.2-769 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-769. Delegation by trustee

A. A trustee may delegate duties and powers 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 subsection A is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.D. By accepting a delegation of powers or duties 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.2005, c. 935, § 55-548.07; 2012, c. 614.
VA Code § 64.2-771 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-771. Control and protection of trust property

A trustee shall take reasonable steps to take control of and protect the trust property.2005, c. 935, § 55-548.09; 2012, c. 614.
VA Code § 64.2-772 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-772. Recordkeeping and identification of trust property

A. A trustee shall keep adequate records of the administration of the trust.B. A trustee shall keep trust property separate from the trustee's own property.C. Except as otherwise provided in subsection D, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.D. If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.E. A deed or other instrument purporting to convey or transfer real or personal property to a trust instead of to the trustee or trustees of the trust shall be deemed to convey or transfer such property to the trustee or trustees as fully as if made directly to the trustee or trustees.2005, c. 935, § 55-548.10; 2007, c. 197; 2012, c. 614.
VA Code § 64.2-773 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-773. Enforcement and defense of claims

A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.2005, c. 935, § 55-548.11; 2012, c. 614.
VA Code § 64.2-774 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-774. Collecting trust property

A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust or duty known to the trustee to have been committed by a former trustee or other fiduciary.2005, c. 935, § 55-548.12; 2012, c. 614.
VA Code § 64.2-775 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-775. Duty to inform and report

A. A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust. A trustee who fails to furnish information to a beneficiary or respond to a request for information regarding the administration of the trust in a good faith belief that to do so would be unreasonable under the circumstances or contrary to the purposes of the settlor shall not be subject to removal or other sanctions therefor.B. A trustee:1. Upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;2. Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;3. Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in subsection C; and4. Shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.C. A trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified or nonqualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report shall be sent to the qualified beneficiaries by the former trustee. A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.D. A beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.E. Subdivisions B 2 and B 3 and subsection C apply only to an irrevocable trust created on or after the effective date of this chapter, and to a revocable trust that becomes irrevocable on or after the effective date of this chapter.2005, c. 935, § 55-548.13; 2007, c. 254; 2012, c. 614.
VA Code § 64.2-776 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-776. Discretionary powers; tax savings

A. Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole," or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.B. Subject to subsection D, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:1. A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and2. A trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.For purposes of this subsection, "trustee" includes a person who is deemed to have any power of a trustee, whether because such person has the right to remove or replace any trustee or because a reciprocal trust or power doctrine applies.C. A power whose exercise is limited or prohibited by subsection B may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.D. Subsection B does not apply to:1. A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in § 2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter, or as later amended, was previously allowed;2. Any trust during any period that the trust may be revoked or amended by its settlor; or3. A trust if contributions to the trust qualify for the annual exclusion under § 2503(c) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter, or as later amended.2005, c. 935, § 55-548.14; 2012, c. 614; 2013, c. 324.
VA Code § 64.2-777 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-777. General powers of trustee

A. A trustee, without authorization by the court, may exercise:1. Powers conferred by the terms of the trust; and2. Except as limited by the terms of the trust:a. All powers over the trust property that an unmarried competent owner has over individually owned property;b. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; andc. Any other powers conferred by this chapter.B. The exercise of a power is subject to the fiduciary duties prescribed by this article.C. Any reference in a trust instrument incorporating the powers authorized under § 64.2-105 shall not be construed to limit powers a trustee may exercise pursuant to this section, unless the settlor expressly states in the trust instrument that such reference should be so construed.2005, c. 935, § 55-548.15; 2012, c. 614.
VA Code § 64.2-779 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779. Distribution upon termination

A. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.B. Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.C. A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:1. It was induced by improper conduct of the trustee; or2. The beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.2005, c. 935, § 55-548.17; 2012, c. 614.
VA Code § 64.2-779.1 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 7 - Uniform Trust Code|§ 64.2-779.1. Scope

A. Except as otherwise provided in subsections B and C, this article applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.B. This article does not apply to a trust held solely for charitable purposes.C. Subject to § 64.2-779.12, a trust instrument may restrict or prohibit exercise of the decanting power.D. This article does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of the Commonwealth other than this article, common law, a court order, or a nonjudicial settlement agreement.E. This article does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.2017, c. 592.