Virginia Code 64.2-799: Exculpation of trustee
Current as of: 2023 | Check for updates
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A. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:
Terms Used In Virginia Code 64.2-799
- Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
- Fiduciary: A trustee, executor, or administrator.
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Virginia Code 64.2-701
- Settlor: except as otherwise provided in § 64. See Virginia Code 64.2-701
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701
1. Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or
2. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.
B. An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the existence and contents of the exculpatory term were adequately communicated to the settlor.