                                 CODE OF VIRGINIA

DEFINITIONS (§ 13.1-1201)

As used in this chapter, unless the context requires a different
meaning:		&#8220;Articles of trust&#8221; means all documents constituting, at
any particular time, the articles of trust of a business trust. &#8220;Articles
of trust&#8221; includes the original articles of trust, the original
certificate of trust issued by the Commission, and all amendments to the
articles of trust. When the articles of trust have been restated pursuant to any
articles of amendment, the articles of trust includes only the restated articles
of trust and any subsequent amendments to the restated articles of trust, but
does not include the articles of amendment accompanying the restated articles of
trust. When used with respect to a foreign business trust, the &#8220;articles
of trust&#8221; of such entity means the document that is equivalent to the
articles of trust of a domestic business trust.		&#8220;Beneficial owner&#8221;
means any owner of a beneficial interest in a business trust, the fact of
ownership to be determined and evidenced, whether by means of registration, the
issuance of certificates or otherwise, in conformity to the applicable
provisions of the governing instrument of the business trust.		&#8220;Business
trust&#8221; or &#8220;domestic business trust&#8221; means an unincorporated
business, trust, or association that:

1. Is governed by a governing instrument under which:
			a. Property is or will be held, managed, administered, controlled, invested,
reinvested, or operated by a trustee for the benefit of persons as are or may
become entitled to a beneficial interest in the trust property; or			b. Business
or professional activities for profit are carried on or will be carried on by
one or more trustees for the benefit of persons as are or may become entitled to
a beneficial interest in the trust property; and

2. Files articles of trust under § 13.1-1212.
			&#8220;Business trust&#8221; includes, without limitation, any of the
following entities that conform with subdivisions 1 and 2 of this definition:

   1. A trust of the type known at common law as a &#8220;business trust&#8221;
   or &#8220;Massachusetts trust&#8221;;

   2. A trust qualifying as a real estate mortgage investment conduit under
   &#xA7; 860 D of the United States Internal Revenue Code of 1986, as amended,
   or under any successor provision;

   3. A trust qualifying as a real estate investment trust under &#xA7;&#xA7; 856
   through 859 of the United States Internal Revenue Code of 1986, as amended, or
   under any successor provision; or

   4. A &#8220;real estate investment trust&#8221; or &#8220;trust&#8221; created
   under former Chapter 9 (&#xA7; 6-577 et seq.) of Title 6 or former Chapter 9
   (&#xA7; 6.1-343 et seq.) of Title 6.1.
   				&#8220;Commission&#8221; means the State Corporation Commission of
   Virginia.				&#8220;Domestic,&#8221; with respect to an entity, means an
   entity governed as to its internal affairs by the organic law of the
   Commonwealth.				&#8220;Domestic corporation&#8221; has the same meaning as
   specified in &#xA7; 13.1-603.				&#8220;Domestic limited partnership&#8221;
   has the same meaning as specified in &#xA7; 50-73.1.				&#8220;Domestic
   nonstock corporation&#8221; has the same meaning as &#8220;domestic
   corporation&#8221; as specified in &#xA7; 13.1-803.				&#8220;Domestic
   partnership&#8221; means an association of two or more persons to carry on as
   co-owners a business for profit formed under &#xA7; 50-73.88, or predecessor
   law of the Commonwealth, and includes, for all purposes of the laws of the
   Commonwealth, a registered limited liability partnership.				&#8220;Domestic
   stock corporation&#8221; has the same meaning as &#8220;domestic
   corporation&#8221; as specified in &#xA7; 13.1-603.				&#8220;Effective
   date,&#8221; when referring to a document for which effectiveness is
   contingent upon issuance of a certificate by the Commission, means the time
   and date determined in accordance with &#xA7;
   13.1-1203.				&#8220;Entity&#8221; includes any domestic or foreign business
   trust or other business entity, any estate or trust, and any state, the United
   States, and any foreign government.				&#8220;Entity conversion&#8221; means
   conversion. A certificate of entity conversion is the same as a certificate of
   conversion.				&#8220;Foreign&#8221; with respect to an entity, means an
   entity governed as to its internal affairs by the organic law of a
   jurisdiction other than the Commonwealth.				&#8220;Foreign business
   trust&#8221; means a trust formed under the law of a jurisdiction other than
   the Commonwealth that would be a business trust if formed under the law of the
   Commonwealth.				&#8220;Foreign limited liability company&#8221; has the same
   meaning as specified in &#xA7; 13.1-1002.				&#8220;Foreign limited
   partnership&#8221; has the same meaning as specified in &#xA7;
   50-73.1.				&#8220;Foreign nonstock corporation&#8221; has the same meaning as
   &#8220;foreign corporation&#8221; as specified in &#xA7;
   13.1-803.				&#8220;Governing instrument&#8221; means a trust instrument that
   creates a business trust and provides for the governance of the affairs of the
   business trust and the conduct of its business, including, without limitation,
   a declaration of trust.				&#8220;Jurisdiction of formation&#8221; means the
   state or country the law of which includes the organic law governing a
   domestic or foreign business trust or other business entity.				&#8220;Organic
   law&#8221; means the statute governing the internal affairs of a domestic or
   foreign business trust or other business entity.				&#8220;Other business
   entity&#8221; means a domestic or foreign stock corporation, a nonstock
   corporation, limited liability company, partnership, or limited
   partnership.				&#8220;Person&#8221; has the same meaning as specified in
   &#xA7; 13.1-603.				&#8220;Protected series&#8221; has the same meaning as
   specified in &#xA7; 13.1-1002.				&#8220;Registered limited liability
   partnership&#8221; has the same meaning as specified in &#xA7;
   50-73.79.				&#8220;State,&#8221; when referring to a part of the United
   States, includes a state and commonwealth, and their agencies and governmental
   subdivisions; and a territory and insular possession, and their agencies and
   governmental subdivisions, of the United States.				&#8220;Trust&#8221;
   includes a common law trust, business trust, and foreign business
   trust.				&#8220;Trust surrender&#8221; has the same meaning as specified in
   &#xA7; 13.1-1264. A certificate of trust surrender is the same as a
   certificate of domestication.				&#8220;Trustee&#8221; means a person
   appointed as a trustee in accordance with the governing instrument of a
   business trust. &#8220;Trustee&#8221; may include a beneficial owner of a
   business trust.				&#8220;United States&#8221; includes any district,
   authority, bureau, commission, department, or other agency of the United
   States.

HISTORY: 2002, c. 621; 2021, Sp. Sess. I, c. 487; 2022, c. 82.