{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/64.2-1104.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/64.2-1104.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/64.2-1104.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/64.2-1104.html"}],"law_id":375831,"edition_id":2,"section_id":375831,"structure_id":53451,"section_number":"64.2-1104","catch_line":"Release or modification of restrictions on management, investment, or purpose","history":"1973, c. 167, \u00a7 55-268.7; 2008, c. 184, \u00a7 55-268.16; 2012, c. 614; 2025, c. 148.","full_text":"A\n\nIf the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.\n\nB\n\nThe court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor’s probable intention.\n\nC\n\nIf a particular charitable purpose or restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General shall be given an opportunity to be heard.\n\nD\n\nIf an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, without application to the court but with the consent of the Attorney General, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument if the fund subject to the restriction has a total value of less than $375,000.\n\nE\n\nIf an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:\n\n1\n\nThe institutional fund subject to the restriction has a total value of less than $75,000;\n\n2\n\nMore than 20 years have elapsed since the fund was established; and\n\n3\n\nThe institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.\n\n","order_by":null,"text":{"0":{"id":1403226,"text":"If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1403227,"text":"The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor’s probable intention.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1403228,"text":"If a particular charitable purpose or restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General shall be given an opportunity to be heard.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1403229,"text":"If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, without application to the court but with the consent of the Attorney General, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument if the fund subject to the restriction has a total value of less than $375,000.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":1403230,"text":"If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"5":{"id":1403231,"text":"The institutional fund subject to the restriction has a total value of less than $75,000;","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"6":{"id":1403232,"text":"More than 20 years have elapsed since the fund was established; and","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1","next_prefix":"E3"},"7":{"id":1403233,"text":"The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.","type":"section","prefixes":["E","3"],"prefix":"3","entire_prefix":"E3","prefix_anchor":"E3","level":2,"prior_prefix":"E2"}},"ancestry":[{"id":53451,"edition_id":2,"name":"Uniform Prudent Management of Institutional Funds Act","identifier":"11","label":"chapter","depth":3,"order_by":3,"parent_id":53428,"metadata":{"child_laws":9,"child_structures":0},"date_created":"2026-08-02 03:16:36","date_modified":"2026-08-02 12:37:15","permalink":{"id":1501071,"object_type":"structure","relational_id":53451,"identifier":"11","token":"64.2\/III\/11","url":"\/64.2\/III\/11\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53428,"edition_id":2,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53424,"metadata":{"child_laws":232,"child_structures":36},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:10","permalink":{"id":1500813,"object_type":"structure","relational_id":53428,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53424,"edition_id":2,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":136,"parent_id":null,"metadata":{"child_laws":776,"child_structures":114},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:05","permalink":{"id":1499783,"object_type":"structure","relational_id":53424,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":375827,"structure_id":53451,"section_number":"64.2-1100","catch_line":"Definitions","url":"\/64.2-1100\/","token":"64.2\/III\/11\/64.2-1100","metadata":false},{"id":375828,"structure_id":53451,"section_number":"64.2-1101","catch_line":"Standard of conduct in managing and investing institutional fund","url":"\/64.2-1101\/","token":"64.2\/III\/11\/64.2-1101","metadata":false},{"id":375829,"structure_id":53451,"section_number":"64.2-1102","catch_line":"Appropriation for expenditure or accumulation of endowment fund; rules of construction","url":"\/64.2-1102\/","token":"64.2\/III\/11\/64.2-1102","metadata":false},{"id":375830,"structure_id":53451,"section_number":"64.2-1103","catch_line":"Delegation of management and investment functions","url":"\/64.2-1103\/","token":"64.2\/III\/11\/64.2-1103","metadata":false},{"id":375831,"structure_id":53451,"section_number":"64.2-1104","catch_line":"Release or modification of restrictions on management, investment, or purpose","url":"\/64.2-1104\/","token":"64.2\/III\/11\/64.2-1104","metadata":false},{"id":375832,"structure_id":53451,"section_number":"64.2-1105","catch_line":"Reviewing compliance","url":"\/64.2-1105\/","token":"64.2\/III\/11\/64.2-1105","metadata":false},{"id":375833,"structure_id":53451,"section_number":"64.2-1106","catch_line":"Application to existing institutional funds","url":"\/64.2-1106\/","token":"64.2\/III\/11\/64.2-1106","metadata":false},{"id":375834,"structure_id":53451,"section_number":"64.2-1107","catch_line":"Relation to Electronic Signatures in Global and National Commerce Act","url":"\/64.2-1107\/","token":"64.2\/III\/11\/64.2-1107","metadata":false},{"id":375835,"structure_id":53451,"section_number":"64.2-1108","catch_line":"Uniformity of application and construction","url":"\/64.2-1108\/","token":"64.2\/III\/11\/64.2-1108","metadata":false}],"previous_section":{"id":375830,"structure_id":53451,"section_number":"64.2-1103","catch_line":"Delegation of management and investment functions","url":"\/64.2-1103\/","token":"64.2\/III\/11\/64.2-1103","metadata":false},"next_section":{"id":375832,"structure_id":53451,"section_number":"64.2-1105","catch_line":"Reviewing compliance","url":"\/64.2-1105\/","token":"64.2\/III\/11\/64.2-1105","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1104\/","history_text":"

This law was first created in 1973. The record of its establishment is cataloged in chapter 167 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2008, chapter 184<\/a>; in 2012, chapter 614<\/a>; in 2025, chapter 148<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1501089,"object_type":"law","relational_id":375831,"identifier":"64.2-1104","token":"64.2\/III\/11\/64.2-1104","url":"\/64.2-1104\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/64.2-1104\/","token":"64.2\/III\/11\/64.2-1104","dublin_core":{"Title":"Release or modification of restrictions on management, investment, or purpose","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1104","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If the donor consents in a record<\/span>, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument<\/span> on the management, investment, or purpose of an institutional fund<\/span>. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose<\/span> of the institution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The court<\/span>, upon application of an institution, may modify a restriction contained in a gift instrument<\/span> regarding the management or investment of an institutional fund<\/span> if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will<\/span> further the purposes of the fund. The institution shall notify the Attorney General<\/span> of the application, and the Attorney General<\/span> shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor’s probable intention. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If a particular charitable purpose<\/span> or restriction contained in a gift instrument<\/span> on the use of an institutional fund<\/span> becomes unlawful, impracticable, impossible to achieve, or wasteful, the court<\/span>, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes<\/span> expressed in the gift instrument<\/span>. The institution shall notify the Attorney General<\/span> of the application, and the Attorney General<\/span> shall be given an opportunity to be heard. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If an institution determines that a restriction contained in a gift instrument<\/span> on the management, investment, or purpose of an institutional fund<\/span> is unlawful, impracticable, impossible to achieve, or wasteful, the institution, without application to the court<\/span> but with the consent of the Attorney General<\/span>, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes<\/span> expressed in the gift instrument<\/span> if the fund subject to the restriction has a total value<\/span> of less than $375,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If an institution determines that a restriction contained in a gift instrument<\/span> on the management, investment, or purpose of an institutional fund<\/span> is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General<\/span>, may release or modify the restriction, in whole or part, if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The institutional fund<\/span> subject to the restriction has a total value<\/span> of less than $75,000; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> More than 20 years have elapsed since the fund was established; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The institution uses the property in a manner consistent with the charitable purposes<\/span> expressed in the gift instrument<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRELEASE OR MODIFICATION OF RESTRICTIONS ON MANAGEMENT, INVESTMENT, OR PURPOSE\n(\u00a7 64.2-1104)\n\nA. If the donor consents in a record, an institution may release or modify, in\nwhole or in part, a restriction contained in a gift instrument on the\nmanagement, investment, or purpose of an institutional fund. A release or\nmodification may not allow a fund to be used for a purpose other than a\ncharitable purpose of the institution.\n\nB. The court, upon application of an institution, may modify a restriction\ncontained in a gift instrument regarding the management or investment of an\ninstitutional fund if the restriction has become impracticable or wasteful, if\nit impairs the management or investment of the fund, or if, because of\ncircumstances not anticipated by the donor, a modification of a restriction will\nfurther the purposes of the fund. The institution shall notify the Attorney\nGeneral of the application, and the Attorney General shall be given an\nopportunity to be heard. To the extent practicable, any modification shall be\nmade in accordance with the donor’s probable intention.\n\nC. If a particular charitable purpose or restriction contained in a gift\ninstrument on the use of an institutional fund becomes unlawful, impracticable,\nimpossible to achieve, or wasteful, the court, upon application of an\ninstitution, may modify the purpose of the fund or the restriction on the use of\nthe fund in a manner consistent with the charitable purposes expressed in the\ngift instrument. The institution shall notify the Attorney General of the\napplication, and the Attorney General shall be given an opportunity to be heard.\n\nD. If an institution determines that a restriction contained in a gift\ninstrument on the management, investment, or purpose of an institutional fund is\nunlawful, impracticable, impossible to achieve, or wasteful, the institution,\nwithout application to the court but with the consent of the Attorney General,\nmay modify the purpose of the fund or the restriction on the use of the fund in\na manner consistent with the charitable purposes expressed in the gift\ninstrument if the fund subject to the restriction has a total value of less than\n$375,000.\n\nE. If an institution determines that a restriction contained in a gift\ninstrument on the management, investment, or purpose of an institutional fund is\nunlawful, impracticable, impossible to achieve, or wasteful, the institution, 60\ndays after notification to the Attorney General, may release or modify the\nrestriction, in whole or part, if:\n\n 1. The institutional fund subject to the restriction has a total value of less\n than $75,000;\n\n 2. More than 20 years have elapsed since the fund was established; and\n\n 3. The institution uses the property in a manner consistent with the\n charitable purposes expressed in the gift instrument.\n\nHISTORY: 1973, c. 167, \u00a7 55-268.7; 2008, c. 184, \u00a7 55-268.16; 2012, c. 614;\n2025, c. 148.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}