Virginia Code 64.2-779.29: Powers of trust director.
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A. Subject to § 64.2-779.30, the terms of a trust may grant a power of direction to a trust director.
Terms Used In Virginia Code 64.2-779.29
- Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Virginia Code 64.2-701
- Terms of a trust: means :
1. See Virginia Code 64.2-701
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Virginia Code 64.2-701
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; and
2. Trust directors with joint powers must act by majority decision.
2020, c. 768.