summary
Introduced
01/08/2020
01/08/2020
In Committee
02/24/2020
02/24/2020
Crossed Over
01/27/2020
01/27/2020
Passed
03/03/2020
03/03/2020
Dead
Signed/Enacted/Adopted
04/07/2020
04/07/2020
Introduced Session
2020 Regular Session
Bill Summary
Uniform Directed Trust Act. Codifies the Uniform Directed Trust Act, which expressly validates terms of a trust that provide for a trust director, a term that is defined in the Act, and prescribes a set of rules for directed trusts, including allocation of fiduciary duties.
AI Summary
This bill codifies the Uniform Directed Trust Act, which expressly validates the use of "trust directors" in trusts. The Act prescribes a set of rules for directed trusts, including the allocation of fiduciary duties between trustees and trust directors. Key provisions include defining the powers and duties of trust directors, directing trustees to comply with a trust director's instructions, and outlining the circumstances in which a trustee or trust director can be liable for a breach of trust. The bill also makes related amendments to the Virginia Uniform Trust Code, such as clarifying the duties of co-trustees.
Committee Categories
Business and Industry, Justice
Sponsors (1)
Last Action
Governor: Acts of Assembly Chapter text (CHAP0768) (on 04/07/2020)
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