2006 Code of Virginia § 55-550.10 - Limitation on personal liability of trustee.
55-550.10. Limitation on personal liability of trustee.
A. Except as otherwise provided in the contract, a trustee is not personallyliable on a contract properly entered into in the trustee's fiduciarycapacity in the course of administering the trust if the trustee in thecontract disclosed the fiduciary capacity.
B. A trustee is personally liable for torts committed in the course ofadministering a trust, or for obligations arising from ownership or controlof trust property, including liability for violation of environmental law,only if the trustee is personally at fault.
C. A claim based on a contract entered into by a trustee in the trustee'sfiduciary capacity, on an obligation arising from ownership or control oftrust property, or on a tort committed in the course of administering atrust, may be asserted in a judicial proceeding against the trustee in thetrustee's fiduciary capacity, whether or not the trustee is personally liablefor the claim.
(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.
