Virginia Code 64.2-763: Duty to administer trust and invest.
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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.).
Terms Used In Virginia Code 64.2-763
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Virginia Code 64.2-701
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701