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Virginia Code Title 64.2. Wills, Trusts, and Fiduciaries § 64.2-100. Definitions

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As used in this title, unless the context otherwise requires:

Bona fide purchaser” means a purchaser of property for value who has acted in the transaction in good faith.  Notice of a seller's marital status, or notice of the existence of a premarital or marital agreement, does not affect the status of a bona fide purchaser.  A “purchaser” is one who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien or who otherwise deals with property in a voluntary transaction, other than a gift.  A purchaser gives “value” for property acquired in return for a binding commitment to extend credit to the transferor or another as security for or in total or partial satisfaction of a pre-existing claim, or in return for any other consideration sufficient to support a simple contract.

Fiduciary” includes a guardian, committee, trustee, executor, conservator, or personal representative.

Personal representative” includes the executor under a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent.

Trustee” means a trustee under a probated will or an inter vivos trust instrument.

Will” includes any testament, codicil, exercise of a power of appointment by will or by a writing in the nature of a will, or any other testamentary disposition.

Cite this article: - Virginia Code Title 64.2. Wills, Trusts, and Fiduciaries § 64.2-100. Definitions - last updated January 01, 2020 |

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