2006 Code of Virginia § 55-550.08 - Exculpation of trustee.
55-550.08. Exculpation of trustee.
A. A term of a trust relieving a trustee of liability for breach of trust isunenforceable to the extent that it:
1. Relieves the trustee of liability for breach of trust committed in badfaith or with reckless indifference to the purposes of the trust or theinterests of the beneficiaries; or
2. Was inserted as the result of an abuse by the trustee of a fiduciary orconfidential relationship to the settlor.
B. An exculpatory term drafted or caused to be drafted by the trustee isinvalid as an abuse of a fiduciary or confidential relationship unless thetrustee proves that the existence and contents of the exculpatory term wereadequately communicated to the settlor.
(2005, c. 935.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
