{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1416.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1416.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1416.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1416.html"}],"law_id":68464,"edition_id":1,"section_id":68464,"structure_id":14731,"section_number":"64.2-1416","catch_line":"Liability of fiduciary for actions of cofiduciary","history":"1978, c. 327, \u00a7 26-5.2; 1980, c. 440; 2005, c. 935; 2012, c. 614.","full_text":"A\n\nAs used in this section, “fiduciary” has the same meaning as provided in § 8.01-2, except that it shall not include trustees subject to the requirements and provisions of the Uniform Trust Code (§ 64.2-700 et seq.).B\n\nAny power vested in three or more fiduciaries may be exercised by a majority of the fiduciaries, but a fiduciary who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise. A dissenting fiduciary is not liable for the consequences of an act in which he joins at the direction of the majority of the fiduciaries if he expressed his dissent in writing to any of his cofiduciaries, if the act is not of itself a patent breach of trust.C\n\nA fiduciary shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any cofiduciary, or for those of any banker, broker, or other person with whom the trust money or securities may be lawfully deposited, or for any loss that does not result from his own default or negligence.D\n\nWhenever the instrument under which a fiduciary or fiduciaries are acting reserves the authority to direct the making or retention of any investment for the settlor, testator, or creator or vests such authority in an advisory or investment committee or any other person, including a cofiduciary, to the exclusion of the fiduciary or the exclusion of one or more of several fiduciaries,, the excluded fiduciary or cofiduciary shall be liable, if at all, only as a ministerial agent and shall not be liable as fiduciary or cofiduciary for any loss resulting from the making or retention of any investment pursuant to such authorized direction.E\n\nThis section does not excuse a cofiduciary from liability for failing to (i) participate in the administration of trust, (ii) attempt to prevent a breach of trust, or (iii) seek advice and guidance from the circuit court in an apparently recurring situation unless otherwise expressly provided by the instrument under which the cofiduciary is acting.","order_by":null,"text":{"0":{"id":247879,"text":"As used in this section, “fiduciary” has the same meaning as provided in § 8.01-2, except that it shall not include trustees subject to the requirements and provisions of the Uniform Trust Code (§ 64.2-700 et seq.).","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":247880,"text":"Any power vested in three or more fiduciaries may be exercised by a majority of the fiduciaries, but a fiduciary who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise. A dissenting fiduciary is not liable for the consequences of an act in which he joins at the direction of the majority of the fiduciaries if he expressed his dissent in writing to any of his cofiduciaries, if the act is not of itself a patent breach of trust.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":247881,"text":"A fiduciary shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any cofiduciary, or for those of any banker, broker, or other person with whom the trust money or securities may be lawfully deposited, or for any loss that does not result from his own default or negligence.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":247882,"text":"Whenever the instrument under which a fiduciary or fiduciaries are acting reserves the authority to direct the making or retention of any investment for the settlor, testator, or creator or vests such authority in an advisory or investment committee or any other person, including a cofiduciary, to the exclusion of the fiduciary or the exclusion of one or more of several fiduciaries,, the excluded fiduciary or cofiduciary shall be liable, if at all, only as a ministerial agent and shall not be liable as fiduciary or cofiduciary for any loss resulting from the making or retention of any investment pursuant to such authorized direction.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":247883,"text":"This section does not excuse a cofiduciary from liability for failing to (i) participate in the administration of trust, (ii) attempt to prevent a breach of trust, or (iii) seek advice and guidance from the circuit court in an apparently recurring situation unless otherwise expressly provided by the instrument under which the cofiduciary is acting.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14731,"edition_id":1,"name":"Appointment, Qualification, Resignation, and Removal of Fiduciaries","identifier":"1","label":"article","depth":5,"order_by":1,"parent_id":13081,"metadata":{},"date_created":"2026-06-26 03:49:34","date_modified":"2026-06-26 03:49:34","permalink":{"id":274987,"object_type":"structure","relational_id":14731,"identifier":"1","token":"64.2\/IV\/A\/14\/1","url":"\/64.2\/IV\/A\/14\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13081,"edition_id":1,"name":"Fiduciaries Generally","identifier":"14","label":"chapter","depth":4,"order_by":1,"parent_id":12991,"metadata":{},"date_created":"2026-06-26 03:44:15","date_modified":"2026-06-26 03:44:15","permalink":{"id":274985,"object_type":"structure","relational_id":13081,"identifier":"14","token":"64.2\/IV\/A\/14","url":"\/64.2\/IV\/A\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12991,"edition_id":1,"name":"Fiduciaries","identifier":"A","label":"part","depth":3,"order_by":1,"parent_id":12905,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":274815,"object_type":"structure","relational_id":12991,"identifier":"A","token":"64.2\/IV\/A","url":"\/64.2\/IV\/A\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12905,"edition_id":1,"name":"Fiduciaries and Guardians","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":274813,"object_type":"structure","relational_id":12905,"identifier":"IV","token":"64.2\/IV","url":"\/64.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64797,"structure_id":14731,"section_number":"64.2-1400","catch_line":"Authority to qualify trustee; necessity for security; notice of qualification; qualification by less than all of trustees named","url":"\/64.2-1400\/","token":"64.2\/IV\/A\/14\/1\/64.2-1400","metadata":false},{"id":71191,"structure_id":14731,"section_number":"64.2-1401","catch_line":"Jurisdiction for qualification of testamentary trustee; qualification and bond; when surety not required","url":"\/64.2-1401\/","token":"64.2\/IV\/A\/14\/1\/64.2-1401","metadata":false},{"id":60933,"structure_id":14731,"section_number":"64.2-1402","catch_line":"Jurisdiction for qualification of certain testamentary trustees and trustees generally","url":"\/64.2-1402\/","token":"64.2\/IV\/A\/14\/1\/64.2-1402","metadata":false},{"id":70425,"structure_id":14731,"section_number":"64.2-1403","catch_line":"Qualification of trustees","url":"\/64.2-1403\/","token":"64.2\/IV\/A\/14\/1\/64.2-1403","metadata":false},{"id":72307,"structure_id":14731,"section_number":"64.2-1404","catch_line":"New fiduciary appointed when authority of former revoked","url":"\/64.2-1404\/","token":"64.2\/IV\/A\/14\/1\/64.2-1404","metadata":false},{"id":63894,"structure_id":14731,"section_number":"64.2-1405","catch_line":"Court may appoint trustee in place of one named in will, deed, or other writing; management by corporate trustee outside of the Commonwealth","url":"\/64.2-1405\/","token":"64.2\/IV\/A\/14\/1\/64.2-1405","metadata":false},{"id":68725,"structure_id":14731,"section_number":"64.2-1406","catch_line":"Notice required; certain substitutions validated","url":"\/64.2-1406\/","token":"64.2\/IV\/A\/14\/1\/64.2-1406","metadata":false},{"id":76370,"structure_id":14731,"section_number":"64.2-1407","catch_line":"Who to execute the trust until new trustee appointed","url":"\/64.2-1407\/","token":"64.2\/IV\/A\/14\/1\/64.2-1407","metadata":false},{"id":62924,"structure_id":14731,"section_number":"64.2-1408","catch_line":"Circuit court may exercise same powers in suit to enforce or administer trust","url":"\/64.2-1408\/","token":"64.2\/IV\/A\/14\/1\/64.2-1408","metadata":false},{"id":66306,"structure_id":14731,"section_number":"64.2-1409","catch_line":"Information to be provided to clerk by fiduciary","url":"\/64.2-1409\/","token":"64.2\/IV\/A\/14\/1\/64.2-1409","metadata":false},{"id":75098,"structure_id":14731,"section_number":"64.2-1410","catch_line":"When court may require new bond or revoke authority; giving new bond upon motion of fiduciary, surety, or other party in interest","url":"\/64.2-1410\/","token":"64.2\/IV\/A\/14\/1\/64.2-1410","metadata":false},{"id":73527,"structure_id":14731,"section_number":"64.2-1411","catch_line":"When fiduciary may qualify without security; requirements for issuance of certificates of qualification; payments","url":"\/64.2-1411\/","token":"64.2\/IV\/A\/14\/1\/64.2-1411","metadata":false},{"id":76583,"structure_id":14731,"section_number":"64.2-1412","catch_line":"How trustee required to give bond; when to be removed and another appointed","url":"\/64.2-1412\/","token":"64.2\/IV\/A\/14\/1\/64.2-1412","metadata":false},{"id":75901,"structure_id":14731,"section_number":"64.2-1413","catch_line":"Placing certain trust assets in designated financial institutions; waiver or reduction of bond of fiduciary","url":"\/64.2-1413\/","token":"64.2\/IV\/A\/14\/1\/64.2-1413","metadata":false},{"id":56428,"structure_id":14731,"section_number":"64.2-1414","catch_line":"Effect of orders of qualification of bank as committee or guardian","url":"\/64.2-1414\/","token":"64.2\/IV\/A\/14\/1\/64.2-1414","metadata":false},{"id":58324,"structure_id":14731,"section_number":"64.2-1415","catch_line":"Liability for losses by negligence or failure to make defense","url":"\/64.2-1415\/","token":"64.2\/IV\/A\/14\/1\/64.2-1415","metadata":false},{"id":68464,"structure_id":14731,"section_number":"64.2-1416","catch_line":"Liability of fiduciary for actions of cofiduciary","url":"\/64.2-1416\/","token":"64.2\/IV\/A\/14\/1\/64.2-1416","metadata":false},{"id":84540,"structure_id":14731,"section_number":"64.2-1417","catch_line":"How judgment may be entered against personal representative, conservator, or committee","url":"\/64.2-1417\/","token":"64.2\/IV\/A\/14\/1\/64.2-1417","metadata":false},{"id":69326,"structure_id":14731,"section_number":"64.2-1418","catch_line":"Court order for payments due from fiduciaries; effect","url":"\/64.2-1418\/","token":"64.2\/IV\/A\/14\/1\/64.2-1418","metadata":false},{"id":76312,"structure_id":14731,"section_number":"64.2-1419","catch_line":"Execution of fiduciary bond or appointment of agent designates clerk as attorney for service of process","url":"\/64.2-1419\/","token":"64.2\/IV\/A\/14\/1\/64.2-1419","metadata":false},{"id":65660,"structure_id":14731,"section_number":"64.2-1420","catch_line":"Clerk to mail notice, process, or rule to person served","url":"\/64.2-1420\/","token":"64.2\/IV\/A\/14\/1\/64.2-1420","metadata":false},{"id":83020,"structure_id":14731,"section_number":"64.2-1421","catch_line":"What judgment or decree based upon service upon clerk shall specifically adjudicate","url":"\/64.2-1421\/","token":"64.2\/IV\/A\/14\/1\/64.2-1421","metadata":false},{"id":72476,"structure_id":14731,"section_number":"64.2-1422","catch_line":"Environmental liability of fiduciaries","url":"\/64.2-1422\/","token":"64.2\/IV\/A\/14\/1\/64.2-1422","metadata":false},{"id":77390,"structure_id":14731,"section_number":"64.2-1423","catch_line":"Trustee not disqualified due to status as stockholder, employee, or officer of corporate noteholder; sale of property by trustee not voidable","url":"\/64.2-1423\/","token":"64.2\/IV\/A\/14\/1\/64.2-1423","metadata":false},{"id":60671,"structure_id":14731,"section_number":"64.2-1424","catch_line":"Resignation by fiduciary of his trust","url":"\/64.2-1424\/","token":"64.2\/IV\/A\/14\/1\/64.2-1424","metadata":false},{"id":75004,"structure_id":14731,"section_number":"64.2-1425","catch_line":"How securities transferred to successor","url":"\/64.2-1425\/","token":"64.2\/IV\/A\/14\/1\/64.2-1425","metadata":false}],"previous_section":{"id":58324,"structure_id":14731,"section_number":"64.2-1415","catch_line":"Liability for losses by negligence or failure to make defense","url":"\/64.2-1415\/","token":"64.2\/IV\/A\/14\/1\/64.2-1415","metadata":false},"next_section":{"id":84540,"structure_id":14731,"section_number":"64.2-1417","catch_line":"How judgment may be entered against personal representative, conservator, or committee","url":"\/64.2-1417\/","token":"64.2\/IV\/A\/14\/1\/64.2-1417","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1416\/","history_text":"

This law was first created in 1978. The record of its establishment is cataloged in chapter 327 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1978 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1980, chapter 440; in 2005, chapter 935<\/a>; in 2012, chapter 614<\/a>.<\/p>","references":false,"refers_to":[{"id":77403,"section_number":"64.2-700","catch_line":"Scope","order_by":null,"url":"\/64.2-700\/"},{"id":80120,"section_number":"8.01-2","catch_line":"General definitions for this title","order_by":null,"url":"\/8.01-2\/"}],"permalink":{"id":275053,"object_type":"law","relational_id":68464,"identifier":"64.2-1416","token":"64.2\/IV\/A\/14\/1\/64.2-1416","url":"\/64.2-1416\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1416\/","token":"64.2\/IV\/A\/14\/1\/64.2-1416","dublin_core":{"Title":"Liability of fiduciary for actions of cofiduciary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1416","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “fiduciary<\/span>” has the same meaning as provided in § 8.01-2<\/a>, except that it shall not include trustees<\/span> subject to the requirements and provisions of the Uniform Trust Code (§ 64.2-700<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any power vested in three or more fiduciaries may be exercised by a majority of the fiduciaries, but a fiduciary<\/span> who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise. A dissenting fiduciary<\/span> is not liable for the consequences of an act in which he joins at the direction of the majority of the fiduciaries if he expressed his dissent in writing to any of his cofiduciaries, if the act is not of itself a patent breach of trust. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A fiduciary<\/span> shall be answerable and accountable only for his own acts, receipts, neglects, or defaults<\/span>, and not for those of any cofiduciary, or for those of any banker, broker, or other person with whom the trust money or securities may be lawfully deposited, or for any loss that does not result from his own default<\/span> or negligence<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Whenever the instrument under which a fiduciary<\/span> or fiduciaries are acting reserves the authority to direct the making or retention of any investment for the settlor, testator, or creator or vests such authority in an advisory or investment committee or any other person, including a cofiduciary, to the exclusion of the fiduciary<\/span> or the exclusion of one or more of several fiduciaries,, the excluded fiduciary<\/span> or cofiduciary shall be liable, if at all, only as a ministerial agent and shall not be liable as fiduciary<\/span> or cofiduciary for any loss resulting from the making or retention of any investment pursuant to such authorized direction. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> This section does not excuse a cofiduciary from liability for failing to (i) participate in the administration of trust, (ii) attempt to prevent a breach of trust, or (iii) seek advice and guidance from the circuit<\/span> court<\/span> in an apparently recurring situation unless otherwise expressly provided by the instrument under which the cofiduciary is acting. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIABILITY OF FIDUCIARY FOR ACTIONS OF COFIDUCIARY (\u00a7 64.2-1416)\n\nA. As used in this section, “fiduciary” has the same meaning as\nprovided in § 8.01-2, except that it shall not include trustees subject to\nthe requirements and provisions of the Uniform Trust Code (§ 64.2-700 et\nseq.).\n\nB. Any power vested in three or more fiduciaries may be exercised by a majority\nof the fiduciaries, but a fiduciary who has not joined in exercising a power is\nnot liable to the beneficiaries or to others for the consequences of the\nexercise. A dissenting fiduciary is not liable for the consequences of an act in\nwhich he joins at the direction of the majority of the fiduciaries if he\nexpressed his dissent in writing to any of his cofiduciaries, if the act is not\nof itself a patent breach of trust.\n\nC. A fiduciary shall be answerable and accountable only for his own acts,\nreceipts, neglects, or defaults, and not for those of any cofiduciary, or for\nthose of any banker, broker, or other person with whom the trust money or\nsecurities may be lawfully deposited, or for any loss that does not result from\nhis own default or negligence.\n\nD. Whenever the instrument under which a fiduciary or fiduciaries are acting\nreserves the authority to direct the making or retention of any investment for\nthe settlor, testator, or creator or vests such authority in an advisory or\ninvestment committee or any other person, including a cofiduciary, to the\nexclusion of the fiduciary or the exclusion of one or more of several\nfiduciaries,, the excluded fiduciary or cofiduciary shall be liable, if at all,\nonly as a ministerial agent and shall not be liable as fiduciary or cofiduciary\nfor any loss resulting from the making or retention of any investment pursuant\nto such authorized direction.\n\nE. This section does not excuse a cofiduciary from liability for failing to (i)\nparticipate in the administration of trust, (ii) attempt to prevent a breach of\ntrust, or (iii) seek advice and guidance from the circuit court in an apparently\nrecurring situation unless otherwise expressly provided by the instrument under\nwhich the cofiduciary is acting.\n\nHISTORY: 1978, c. 327, \u00a7 26-5.2; 1980, c. 440; 2005, c. 935; 2012, c. 614.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}