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A. Except as otherwise provided in subsections B and C, this article applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
B. This article does not apply to a trust held solely for charitable purposes.
C. Subject to § 64.2-779.12, a trust instrument may restrict or prohibit exercise of the decanting power.
D. This article does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of the Commonwealth other than this article, common law, a court order, or a nonjudicial settlement agreement.
E. This article does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
Cite this article: FindLaw.com - Virginia Code Title 64.2. Wills, Trusts, and Fiduciaries § 64.2-779.1. Scope - last updated January 01, 2020 | https://codes.findlaw.com/va/title-64-2-wills-trusts-and-fiduciaries/va-code-sect-64-2-779-1/
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