2006 Code of Virginia § 55-547.03 - Cotrustees.

55-547.03. Cotrustees.

A. Cotrustees who are unable to reach a unanimous decision may act bymajority decision.

B. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may actfor the trust.

C. A cotrustee shall participate in the performance of a trustee's functionunless the cotrustee is unavailable to perform the function because ofabsence, illness, disqualification under other law, or other temporaryincapacity, or the cotrustee has properly delegated the performance of thefunction to another trustee.

D. If a cotrustee is unavailable to perform duties because of absence,illness, disqualification under other law, or other temporary incapacity, andprompt action is necessary to achieve the purposes of the trust or to avoidinjury to the trust property, the remaining cotrustee or a majority of theremaining cotrustees may act for the trust.

E. A trustee may delegate to a cotrustee the performance of any functionother than a function that the terms of the trust expressly require to beperformed by the trustees jointly. Unless a delegation was irrevocable, atrustee may revoke a delegation previously made.

F. Except as otherwise provided in subsection G, a trustee who does not joinin an action of another trustee is not liable for the action.

G. Each trustee shall exercise reasonable care to:

1. Prevent a cotrustee from committing a serious breach of trust; and

2. Compel a cotrustee to redress a serious breach of trust.

H. A dissenting trustee who joins in an action at the direction of themajority of the trustees and who notified any cotrustee of the dissent at orbefore the time of the action is not liable for the action unless the actionis a serious breach of trust.

(2005, c. 935.)