Virginia § 64.2-748 Overdue distribution

Virginia Statutes

§ 64.2-748 — Overdue distribution

Virginia § 64.2-748

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle IIITRUSTS

Ch. 7UNIFORM TRUST CODE

Art. 5CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS

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Bluebook

Va. Code Ann. § 64.2-748 (2026).

Text

A.In this section "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion even if (i) the discretion is expressed in the form of a standard of distribution or (ii) the terms of the trust authorizing a distribution use language of discretion with language of direction.

B.Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary with

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A. In this section "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion even if (i) the discretion is expressed in the form of a standard of distribution or (ii) the terms of the trust authorizing a distribution use language of discretion with language of direction.

B. Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.