Friday, October 10, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB2395: Reformation of trusts; real property deeded to trust.
Be it enacted by the General Assembly of Virginia:
1. That § 55-544.15 of the Code of Virginia is amended and reenacted as follows:
§ 55-544.15. Reformation to correct mistakes.
The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement. If a deed or other instrument mistakenly attempts to convey or transfer real property to a trust, which is incapable of holding title to such property, instead of to the trustee of the trust, the real property shall be deemed to have been conveyed or transferred to the trustee and the deed or other instrument shall be treated as a valid conveyance for all purposes and may be reformed without court approval.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.