55-548.07 - Delegation by trustee. - Virginia Statutes

§ 55-548.07. Delegation by trustee.

A. A trustee may delegate duties and powers that a prudent trustee ofcomparable skills could properly delegate under the circumstances. Thetrustee shall exercise reasonable care, skill, and caution in:

1. Selecting an agent;

2. Establishing the scope and terms of the delegation, consistent with thepurposes and terms of the trust; and

3. Periodically reviewing the agent's actions in order to monitor the agent'sperformance and compliance with the terms of the delegation.

B. In performing a delegated function, an agent owes a duty to the trust toexercise reasonable care to comply with the terms of the delegation.

C. A trustee who complies with subsection A is not liable to thebeneficiaries or to the trust for an action of the agent to whom the functionwas delegated.

D. By accepting a delegation of powers or duties from the trustee of a trustthat is subject to the law of the Commonwealth, an agent submits to thejurisdiction of the courts of the Commonwealth.

(2005, c. 935.)