Virginia Code Title 13.1. Corporations § 13.1-1229. Trustee standards of conduct; trustee liability; restrictions on liability limitations in governing instrument
Current as of January 01, 2020 | Updated by FindLaw Staff
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A. A trustee shall discharge his duties as a trustee in accordance with the standards of conduct provided for directors of a Virginia corporation pursuant to §§ 13.1-690 and 13.1-691.
B. Subject to the provisions of subsection C, and except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a trustee, when acting in such capacity, is not personally liable to any person other than the business trust or a beneficial owner for any act, omission, or obligation of the business trust or any trustee.
C. A trustee or officer of a business trust shall have no liability to the business trust or a beneficial owner for any act or omission greater than that of directors or officers of a Virginia corporation to the corporation as provided in Chapter 9 (§ 13.1-601 et seq.) of this title, including any elimination of liability provided for in the articles of trust or governing instrument.
Cite this article: FindLaw.com - Virginia Code Title 13.1. Corporations § 13.1-1229. Trustee standards of conduct; trustee liability; restrictions on liability limitations in governing instrument - last updated January 01, 2020 | https://codes.findlaw.com/va/title-13-1-corporations/va-code-sect-13-1-1229/
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