                                 CODE OF VIRGINIA

DELEGATION OF INVESTMENT AND MANAGEMENT FUNCTIONS (§ 64.2-788)

A. A trustee may delegate investment and management functions that a prudent
trustee of comparable skills could properly delegate under the circumstances.
The trustee shall exercise reasonable care, skill, and caution in:

   1. Selecting an agent;

   2. Establishing the scope and terms of the delegation, consistent with the
   purposes and terms of the trust; and

   3. Periodically reviewing the agent&#8217;s actions in order to monitor the
   agent&#8217;s performance and compliance with the terms of the delegation.

B. In performing a delegated function, an agent owes a duty to the trust to
exercise reasonable care to comply with the terms of the delegation.

C. A trustee who complies with the requirements of subsection A is not liable to
the beneficiaries or to the trust for the decisions or actions of the agent to
whom the function was delegated.

D. By accepting the delegation of a trust function from the trustee of a trust
that is subject to the law of the Commonwealth, an agent submits to the
jurisdiction of the courts of the Commonwealth.

HISTORY: 1999, c. 772, § 26-45.10; 2012, c. 614.