2022 Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 7 - Uniform Trust Code
§ 64.2-779.14. Relief from liability and indemnification
A. Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.
B. A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.
C. A second-trust instrument may not reduce fiduciary liability in the aggregate.
D. Subject to subsection C, a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by law of the Commonwealth other than this article.
2017, c. 592.
