Virginia Code 64.2-762: Reimbursement of expenses.
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A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
Terms Used In Virginia Code 64.2-762
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. 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
1. Expenses that were properly incurred in the administration of the trust; and
2. 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.