Virginia Code 64.2-779.26: Definitions.
Current as of: 2024 | Check for updates
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As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 64.2-779.26
- Includes: means includes, but not limited to. See Virginia Code 1-218
- 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
- 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
- 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
“Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that trust director or trustee by the terms of the trust, this article, or law of the Commonwealth other than this article pertaining to trusts.
“Directed trust” means a trust for which the terms of the trust grant a power of direction.
2020, c. 768.