{"data":{"id":"us-va/va.-code-6.2-1080","jurisdiction":"us-va","citation":"Va. Code § 6.2-1080","heading":"Limitation on powers","body":"A. In the exercise of any power held by a private trust company in its capacity as a fiduciary, the private trust company shall have a duty not to exercise any power in such a way as to deprive the estate, trust, or other entity for which it acts as a fiduciary of an otherwise available tax exemption, deduction, or credit for tax purposes or deprive a donor of trust assets of a tax exemption, deduction, or credit or operate to impose a tax upon a donor or other person as owner of any portion of the estate, trust, or otherwise.B. Without limitation to subsection A, no family member who is a stockholder or member or who otherwise holds an equity interest in, or is serving as a director, officer, manager, or employee of, a private trust company shall participate in or otherwise have a voice in any discretionary decision by the private trust company to distribute income or principal of any trust in order to discharge a legal obligation of the family member or for the family member's pecuniary benefit, unless:1. The exercise of the discretion is limited by an ascertainable standard relating to the health, education, support, or maintenance of that family member;2. The distribution is necessary for that family member's support, health, or education; or3. The instrument governing the administration of that trust clearly so provides.2003, c. 910, § 6.1-32.30:7; 2010, c. 794.","path":["Title 6.2. FINANCIAL INSTITUTIONS AND SERVICES","Subtitle II. DEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS","Chapter 10. ENTITIES CONDUCTING TRUST BUSINESS","Article 5. PRIVATE TRUST COMPANIES"],"source_url":"https://law.lis.virginia.gov/vacode/6.2-1080/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:12:34Z","sha256":"809ae233daf760016dbf8613436401be729cc66a300997819b74f7d27acf809e","source_id":"us-va","stale":true,"prev":"us-va/va.-code-6.2-1079","next":"us-va/va.-code-6.2-1081"},"notice":"GroundRules: Original legal text. Not legal advice."}