Terms Used In Virginia Code > Title 13.1 > Chapter 14 > Article 2 - Formation.

• Articles of trust: includes the original articles of trust, the original certificate of trust issued by the Commission, and all amendments to the articles of trust. See Virginia Code 13.1-1201
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficial owner: means any owner of a beneficial interest in a business trust, the fact of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument of the business trust. See Virginia Code 13.1-1201
• Business trust: includes , without limitation, any of the following entities that conform with subdivisions 1 and 2 of this definition:

  (1) A trust of the type known at common law as a "business trust" or "Massachusetts trust";

  (2) A trust qualifying as a real estate mortgage investment conduit under § 860 D of the United States Internal Revenue Code of 1986, as amended, or under any successor provision;

  (3) A trust qualifying as a real estate investment trust under §§ 856 through 859 of the United States Internal Revenue Code of 1986, as amended, or under any successor provision; or

  (4) A "real estate investment trust" or "trust" created under former Chapter 9 of Title 6 or former Chapter 9 of Title 6. See Virginia Code 13.1-1201

• Claimant agency: means any administrative unit of state, county, city or town government, including department, institution, commission, authority, or the office of Executive Secretary of the Supreme Court, any circuit or district court and the Internal Revenue Service. See Virginia Code 58.1-520
• Commission: means the State Corporation Commission of Virginia. See Virginia Code 13.1-1201
• Debtor: means any individual having a delinquent debt or account with any claimant agency which obligation has not been satisfied by court order, set aside by court order, or discharged in bankruptcy. See Virginia Code 58.1-520
• Decedent: A deceased person.
• Decedent: means a deceased person. See Virginia Code 58.1-901
• Delinquent debt: means any liquidated sum due and owing any claimant agency, or any restitution ordered paid to a clerk of the court pursuant to Virginia Code 58.1-520
• Department: means the Department of Taxation. See Virginia Code 58.1-1
• Dependent: A person dependent for support upon another.
• domestic business trust: means an unincorporated business, trust, or association that:

  1. See Virginia Code 13.1-1201

• Entity: includes any domestic or foreign business trust or other business entity, any estate or trust, and any state, the United States, and any foreign government. See Virginia Code 13.1-1201
• Federal credit: means the maximum amount of the credit for state death taxes allowable by § 2011 of the United States Internal Revenue Code of 1954, as amended or renumbered, or successor provision, in respect to a decedent's taxable estate. See Virginia Code 58.1-901
• Foreign business trust: means a trust formed under the law of a jurisdiction other than the Commonwealth that would be a business trust if formed under the law of the Commonwealth. See Virginia Code 13.1-1201
• Governing instrument: means a trust instrument that creates a business trust and provides for the governance of the affairs of the business trust and the conduct of its business, including, without limitation, a declaration of trust. See Virginia Code 13.1-1201
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Gross estate: means "gross estate" as defined in § 2031 of the United States Internal Revenue Code of 1954, as amended or renumbered, or the successor provision of the laws of the United States. See Virginia Code 58.1-901
• maximum amount: shall be construed as to take full advantage of such credit as the laws of the United States may allow. See Virginia Code 58.1-901
• Nonresident: means a decedent who was domiciled outside of the Commonwealth of Virginia at his death. See Virginia Code 58.1-901
• Other business entity: means a domestic or foreign stock corporation, a nonstock corporation, limited liability company, partnership, or limited partnership. See Virginia Code 13.1-1201
• Personal estate: includes chattels real and such other estate as, upon the death of the owner intestate, would devolve upon his personal representative. See Virginia Code 1-233
• Personal representative: means the personal representative of the estate of the decedent, appointed, qualified and acting within the Commonwealth, or, if there is no personal representative appointed, qualified and acting within the Commonwealth, then any person in actual or constructive possession of the Virginia gross estate of the decedent. See Virginia Code 58.1-901
• Resident: means a decedent who was domiciled in the Commonwealth of Virginia at his death. See Virginia Code 58.1-901
• State: means any state, territory or possession of the United States and the District of Columbia. See Virginia Code 58.1-901
• Taxable estate: means "taxable estate" as defined in § 2051 of the United States Internal Revenue Code of 1954, as amended or renumbered, or the successor provision of the laws of the United States. See Virginia Code 58.1-901
• Trust: includes a common law trust, business trust, and foreign business trust. See Virginia Code 13.1-1201
• Trustee: means a person appointed as a trustee in accordance with the governing instrument of a business trust. See Virginia Code 13.1-1201
• Trustee: A person or institution holding and administering property in trust.
• Value: means "value" as finally determined for federal estate tax purposes under the laws of the United States relating to federal estate taxes. See Virginia Code 58.1-901