A. Subject to subsection B, a person has knowledge of a fact if the person:
1. Has actual knowledge of it;
2. Has received a notice or notification of it; or
3. From all the facts and circumstances known to the person at the time in question, has reason to know it.
B. An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee's attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information.
2005, c. 935, § 55-541.04; 2012, c. 614.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 7 - Uniform Trust Code
§ 64.2-703. Default and mandatory rules
§ 64.2-704. Common law of trusts; principles of equity
§ 64.2-706. Principal place of administration
§ 64.2-707. Methods and waiver of notice
§ 64.2-708. Others treated as qualified beneficiaries
§ 64.2-709. Nonjudicial settlement agreements
§ 64.2-710. Role of court in administration of trust
§ 64.2-711. Jurisdiction over trustee and beneficiary
§ 64.2-712. Proceedings to appoint or remove trustees
§ 64.2-713. Pleadings; parties; orders; notice
§ 64.2-714. Representation; basic effect
§ 64.2-715. Representation by holder of general testamentary power of appointment
§ 64.2-716. Representation by fiduciaries and parents or other ancestors
§ 64.2-717. Representation by person having substantially identical interest
§ 64.2-718. Appointment of representative
§ 64.2-719. Methods of creating trust
§ 64.2-720. Requirements for creation
§ 64.2-721. Trusts created in other jurisdictions
§ 64.2-723. Charitable purposes; enforcement
§ 64.2-724. Creation of trust induced by fraud, duress, or undue influence
§ 64.2-725. Evidence of oral trust
§ 64.2-726. Trust for care of animal
§ 64.2-727. Noncharitable trust without ascertainable beneficiary
§ 64.2-728. Modification or termination of trust; proceedings for approval or disapproval
§ 64.2-729. Modification or termination of noncharitable irrevocable trust by consent
§ 64.2-732. Modification or termination of uneconomic trust
§ 64.2-733. Reformation to correct mistakes
§ 64.2-734. Modification to achieve settlor's tax objectives
§ 64.2-735. Combination and division of trusts
§ 64.2-738. Prohibitions as to trust that is deemed a split-interest trust
§ 64.2-739. Application of §§ 64.2-737 and 64.2-738
§ 64.2-740. Interpretation of references to Internal Revenue Code in §§ 64.2-736 through 64.2-739
§ 64.2-741. Powers of courts not impaired by §§ 64.2-736 through 64.2-740
§ 64.2-742. Rights of beneficiary's creditor or assignee
§ 64.2-743. Spendthrift provision
§ 64.2-744. Exceptions to spendthrift provision
§ 64.2-745. Certain claims for reimbursement for public assistance
§ 64.2-745.1. Self-settled spendthrift trusts
§ 64.2-745.2. Definitions; vacancies; right to withdraw
§ 64.2-746. Discretionary trusts; effect of standard
§ 64.2-747. Creditor's claim against settlor
§ 64.2-748. Overdue distribution
§ 64.2-749. Personal obligations of trustee
§ 64.2-750. Capacity of settlor of revocable trust
§ 64.2-751. Revocation or amendment of revocable trust
§ 64.2-752. Settlor's powers; powers of withdrawal
§ 64.2-754. Accepting or declining trusteeship
§ 64.2-757. Vacancy in trusteeship; appointment of successor
§ 64.2-758. Resignation of trustee
§ 64.2-759. Removal of trustee
§ 64.2-760. Delivery of property by former trustee
§ 64.2-761. Compensation of trustee
§ 64.2-762. Reimbursement of expenses
§ 64.2-763. Duty to administer trust and invest
§ 64.2-766. Prudent administration
§ 64.2-767. Costs of administration
§ 64.2-769. Delegation by trustee
§ 64.2-771. Control and protection of trust property
§ 64.2-772. Recordkeeping and identification of trust property
§ 64.2-773. Enforcement and defense of claims
§ 64.2-774. Collecting trust property
§ 64.2-775. Duty to inform and report
§ 64.2-776. Discretionary powers; tax savings
§ 64.2-777. General powers of trustee
§ 64.2-778. Specific powers of trustee
§ 64.2-779. Distribution upon termination
§ 64.2-779.3. Application; governing law
§ 64.2-779.4. Reasonable reliance
§ 64.2-779.5. Notice; exercise of decanting power
§ 64.2-779.6. Court involvement
§ 64.2-779.8. Decanting power under expanded distributive discretion
§ 64.2-779.9. Decanting power under limited distributive discretion
§ 64.2-779.10. Trust for beneficiary with disability
§ 64.2-779.11. Protection of charitable interest
§ 64.2-779.12. Trust limitation on decanting
§ 64.2-779.13. Change in compensation
§ 64.2-779.14. Relief from liability and indemnification
§ 64.2-779.15. Removal or replacement of authorized fiduciary
§ 64.2-779.16. Tax-related provisions
§ 64.2-779.17. Duration of second trust
§ 64.2-779.18. Need to distribute not required
§ 64.2-779.19. Savings provision
§ 64.2-779.20. Trust for care of animal
§ 64.2-779.21. Terms of second trust
§ 64.2-779.23. Later-discovered property
§ 64.2-779.29. Powers of trust director
§ 64.2-779.30. Limitations on trust director
§ 64.2-779.31. Duty and liability of trust director
§ 64.2-779.32. Duty and liability of directed trustee
§ 64.2-779.33. Duty to provide information to trust director or trustee
§ 64.2-779.34. No duty to monitor, inform, or advise
§ 64.2-779.35. Limitation of action against trust director
§ 64.2-779.36. Defenses in action against trust director
§ 64.2-779.37. Jurisdiction over trust director
§ 64.2-779.38. Office of trust director
§ 64.2-780. Definition of terms
§ 64.2-781. Prudent investor rule
§ 64.2-782. Standard of care; portfolio strategy; risk and return objectives
§ 64.2-783. Diversification by trustee
§ 64.2-784. Duties at inception of trusteeship
§ 64.2-785. Loyalty and impartiality
§ 64.2-787. Reviewing compliance
§ 64.2-788. Delegation of investment and management functions
§ 64.2-789. Language invoking standard of article
§ 64.2-790. Application to existing trusts
§ 64.2-791. Uniformity of application and construction
§ 64.2-792. Remedies for breach of trust
§ 64.2-793. Damages for breach of trust
§ 64.2-794. Damages in absence of breach
§ 64.2-795. Attorney fees and costs
§ 64.2-796. Limitation of action against trustee
§ 64.2-797. Reliance on trust instrument
§ 64.2-798. Event affecting administration or distribution
§ 64.2-799. Exculpation of trustee
§ 64.2-800. Beneficiary's consent, release, or ratification
§ 64.2-801. Limitation on personal liability of trustee
§ 64.2-802. Interest as general partner
§ 64.2-803. Protection of person dealing with trustee
§ 64.2-804. Certification of trust
§ 64.2-805. Uniformity of application and construction