Virginia Code 64.2-779.17: Duration of second trust.
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A. Subject to subsection B, a second trust may have a duration that is the same as or different from the duration of the first trust.
Terms Used In Virginia Code 64.2-779.17
- First trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Virginia Code 64.2-701
- 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
- Second trust: means (i) a first trust after modification, including a restatement of the first trust, under the Uniform Trust Decanting Act (§ Virginia Code 64.2-701
B. To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject to any rules governing maximum perpetuity, accumulation, or suspension of the power of alienation that apply to property of the first trust.
2017, c. 592.