§ 64.2-1613 Exoneration of agent
A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal’s successors in interest except to the extent the provision:
1. Relieves the agent of liability for breach of duty committed dishonestly, with an improper motive, or with reckless indifference to the purposes of the power of attorney or the best interest of the principal; or
2. Was inserted as a result of an abuse of a confidential or fiduciary relationship with the principal.
History
This law was first created in 2010. The record of its establishment is cataloged in chapters 455 and 632 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. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2012, chapter 614.
2010, cc. 455, 632, § 26-86; 2012, c. 614.