55-550.10 - Limitation on personal liability of trustee. - Virginia Statutes

§ 55-550.10. Limitation on personal liability of trustee.

A. Except as otherwise provided in the contract, a trustee is not personallyliable on a contract properly entered into in the trustee's fiduciarycapacity in the course of administering the trust if the trustee in thecontract disclosed the fiduciary capacity.

B. A trustee is personally liable for torts committed in the course ofadministering a trust, or for obligations arising from ownership or controlof trust property, including liability for violation of environmental law,only if the trustee is personally at fault.

C. A claim based on a contract entered into by a trustee in the trustee'sfiduciary capacity, on an obligation arising from ownership or control oftrust property, or on a tort committed in the course of administering atrust, may be asserted in a judicial proceeding against the trustee in thetrustee's fiduciary capacity, whether or not the trustee is personally liablefor the claim.

(2005, c. 935.)