                                 CODE OF VIRGINIA

PROTECTION OF PERSON DEALING WITH TRUSTEE (§ 64.2-803)

A. A person other than a beneficiary who in good faith assists a trustee, or who
in good faith and for value deals with a trustee, without knowledge that the
trustee is exceeding or improperly exercising the trustee&#8217;s powers, is
protected from liability as if the trustee properly exercised the power.

B. A person other than a beneficiary who in good faith deals with a trustee is
not required to inquire into the extent of the trustee&#8217;s powers or the
propriety of their exercise.

C. A person who in good faith delivers assets to a trustee need not ensure their
proper application.

D. A person other than a beneficiary who in good faith assists a former trustee,
or who in good faith and for value deals with a former trustee, without
knowledge that the trusteeship has terminated is protected from liability as if
the former trustee were still a trustee.

E. Comparable protective provisions of other laws relating to commercial
transactions or transfer of securities by fiduciaries prevail over the
protection provided by this section.

HISTORY: 2005, c. 935, § 55-550.12; 2012, c. 614.