# Va. Code Ann. § 64.2-703: Default and mandatory rules

> Virginia · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-703

## Section

- **Citation:** Va. Code Ann. § 64.2-703
- **Heading:** Default and mandatory rules
- **Jurisdiction:** Virginia
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Virginia Code / Title 64.2 / Subtitle III / Chapter 7 / Article 1 / Section 64.2-703

## Text

A. Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this chapter except:

1. The requirements for creating a trust;

2. Subject to subsection I of § 64.2-756 and §§ 64.2-779.32 and 64.2-779.34 , the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;

3. The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;

4. The power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734 ;

5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et seq.);

6. The power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;

7. The power of the court under subsection B of § 64.2-761 to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high;

8. The effect of an exculpatory term under § 64.2-799 ;

9. The rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;

10. Periods of limitation for commencing a judicial proceeding; and

11. The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.

2005, c. 935 , § 55-541.05; 2007, c. 216 ; 2012, c. 614 ; 2020, c. 768 .

## Nearby sections

- [Va. Code Ann. § 64.2-700 Scope](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-700.md)
- [Va. Code Ann. § 64.2-701 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-701.md)
- [Va. Code Ann. § 64.2-702 Knowledge](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-702.md)
- [Va. Code Ann. § 64.2-703 Default and mandatory rules](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-703.md)
- [Va. Code Ann. § 64.2-704 Common law of trusts; principles of equity](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-704.md)
- [Va. Code Ann. § 64.2-705 Governing law](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-705.md)
- [Va. Code Ann. § 64.2-706 Principal place of administration](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-706.md)
- [Va. Code Ann. § 64.2-707 Methods and waiver of notice](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-707.md)
- [Va. Code Ann. § 64.2-708 Others treated as qualified beneficiaries](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-708.md)
- [Va. Code Ann. § 64.2-709 Nonjudicial settlement agreements](https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-709.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VA_T64.2_SIII_C7_A1_S64.2-703. Check the current official text before relying on it. Not legal advice.