Virginia Code 64.2-785: Loyalty and impartiality.
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A. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
Terms Used In Virginia Code 64.2-785
- 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
- Trust: includes the assets under the control or management of the trustee. See Virginia Code 64.2-780
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes any fiduciary as defined in § Virginia Code 64.2-780
B. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.