Virginia Code 64.2-779.24: Obligations.
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A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.
Terms Used In Virginia Code 64.2-779.24
- Decanting power: means the power of an authorized fiduciary under the Uniform Trust Decanting Act (§ Virginia Code 64.2-701
- First trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Virginia Code 64.2-701
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
2017, c. 592.