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§ 64.2-779.34 No duty to monitor, inform, or advise

A. Unless the terms of a trust provide otherwise:

1. A trustee does not have a duty to: a. Monitor a trust director; or b. Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the trust director; and

2. By taking an action described in subdivision 1, a trustee does not assume the duty excluded by subdivision 1.

B. Unless the terms of a trust provide otherwise:

1. A trust director does not have a duty to: a. Monitor a trustee or another trust director; or b. Inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the trust director might have acted differently than a trustee or another trust director; and

2. By taking an action described in subdivision 1, a trust director does not assume the duty excluded by subdivision 1.

History

This law was first created in 2020. The record of its establishment is cataloged in chapter 768 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.

2020, c. 768.

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