LegalFix
Sign In

§ 64.2-731. Cy pres

VA Code § 64.2-731 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. Except as otherwise provided in subsection B, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:

1. The trust does not fail, in whole or in part;

2. The trust property does not revert to the settlor or the settlor's successors in interest; and

3. The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.

B. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection A to apply cy pres to modify or terminate the trust only if, when the provision takes effect:

1. The trust property is to revert to the settlor and the settlor is still living; or

2. Fewer than 21 years have elapsed since the date of the trust's creation.

2005, c. 935, § 55-544.13; 2012, c. 614.

Previous Section
§ 64.2-730. Modification or termination because of unanticipated circumstances or inability to administer trust effectively
Next Section
§ 64.2-732. Modification or termination of uneconomic trust