CHAPTER 260

An Act to amend the Code of Virginia by adding thereto a section num-
bered 55-18.2, relating to inter vivos trusts and the rule agamst

perpetut
[H 360]
Approved March 31, 1966

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a section
numbered 55-13.2 as follows:

§ 55-13.2. For the purpose of determining whether the terms of
an “inter vivos” trust provide for a duration in excess of that allowed
under the rule against perpetuities, the determination of “lives in being”
shall be made as of the death of the settlor, if the settlor has at his death
the unrestricted right, acting alone, to revoke the trust or to have trans-
ferred to himself the entire legal and beneficial interest in all property,
both principal and income, held in the trust. In the event that the settlor
surrenders both such rights at any time prior to his death, the determi-
nation of “lives in being” shall be made as of the time that the settlor,
upon establishment of the trust or otherwise, surrenders the unrestricted
right acting alone to revoke the trust and the unrestricted right acting
alone to have transferred to himself the entire legal and beneficial interest
in all property, both principal and income, held in the trust.