CODE OF VIRGINIA

CY PRES (§ 64.2-731)

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.

HISTORY: 2005, c. 935, § 55-544.13; 2012, c. 614.