Code of Virginia § 64.2-731. Cy pres.
177 words·~1 min read·
/va/title-64-2/chapter-7/64-2-731A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Except as otherwise provided in subsection B, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:
1. The trust does not fail, in whole or in part;
2. The trust property does not revert to the settlor or the settlor's successors in interest; and
3. The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.
B. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection A to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
1. The trust property is to revert to the settlor and the settlor is still living; or
2. Fewer than 21 years have elapsed since the date of the trust's creation.
2005, c. 935 , § 55-544.13; 2012, c. 614 .