55-550.02 - Damages for breach of trust. - Virginia Statutes

§ 55-550.02. Damages for breach of trust.

A. A trustee who commits a breach of trust is liable to the beneficiariesaffected for the greater of:

1. The amount required to restore the value of the trust property and trustdistributions to what they would have been had the breach not occurred; or

2. The profit the trustee made by reason of the breach.

B. Except as otherwise provided in this subsection, if more than one trusteeis liable to the beneficiaries for a breach of trust, a trustee is entitledto contribution from the other trustee or trustees. A trustee is not entitledto contribution if the trustee was substantially more at fault than anothertrustee or if the trustee committed the breach of trust in bad faith or withreckless indifference to the purposes of the trust or the interests of thebeneficiaries. A trustee who received a benefit from the breach of trust isnot entitled to contribution from another trustee to the extent of thebenefit received.

(2005, c. 935.)