13.1-1229 - Trustee standards of conduct; trustee liability; restrictions on liability limitations in governing instrument. - Virginia Statutes

§ 13.1-1229. Trustee standards of conduct; trustee liability; restrictions onliability limitations in governing instrument.

A. A trustee shall discharge his duties as a trustee in accordance with thestandards of conduct provided for directors of a Virginia corporationpursuant to §§ 13.1-690 and 13.1-691.

B. Subject to the provisions of subsection C, and except to the extentotherwise provided in the articles of trust or in the governing instrument ofa business trust, a trustee, when acting in such capacity, is not personallyliable to any person other than the business trust or a beneficial owner forany 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 thebusiness trust or a beneficial owner for any act or omission greater thanthat of directors or officers of a Virginia corporation to the corporation asprovided in Chapter 9 (§ 13.1-601 et seq.) of this title, including anyelimination of liability provided for in the articles of trust or governinginstrument.

(2002, c. 621.)