§ 64.2-1100 Definitions
§ 64.2-1101 Standard of conduct in managing and investing institutional fund
§ 64.2-1102 Appropriation for expenditure or accumulation of endowment fund; rules of construction
§ 64.2-1103 Delegation of management and investment functions
§ 64.2-1104 Release or modification of restrictions on management, investment, or purpose
§ 64.2-1105 Reviewing compliance
§ 64.2-1106 Application to existing institutional funds
§ 64.2-1107 Relation to Electronic Signatures in Global and National Commerce Act
§ 64.2-1108 Uniformity of application and construction
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Terms Used In Virginia Code > Title 64.2 > Subtitle III > Chapter 11 - Uniform Prudent Management of Institutional Funds Act

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Donor: The person who makes a gift.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
  • Public corporation: means the Commonwealth of Virginia or any political subdivision thereof or any incorporated municipality therein or any public agency of the Commonwealth or of any political subdivision thereof or of any municipality therein. See Virginia Code 1-219.1
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
  • Trustee: A person or institution holding and administering property in trust.