Section 64.2-703 - Default and mandatory rulesA. Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.B. The terms of a trust prevail over any provision of this chapter except: 1. The requirements for creating a trust;2. Subject to subsection I of § 64.2-756 and §§ 64.2-779.32 and 64.2-779.34, the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;3. The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;4. The power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734;5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et seq.);6. The power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;7. The power of the court under subsection B of § 64.2-761 to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high;8. The effect of an exculpatory term under § 64.2-799;9. The rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;10. Periods of limitation for commencing a judicial proceeding; and11. The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.2005, c. 935, § 55-541.05; 2007, c. 216; 2012, c. 614; 2020, c. 768.Amended by Acts 2020 c. 768, § 1, eff. 7/1/2020.