                                 CODE OF VIRGINIA

TRUSTEE STANDARDS OF CONDUCT; TRUSTEE LIABILITY; RESTRICTIONS ON LIABILITY
LIMITATIONS IN GOVERNING INSTRUMENT (§ 13.1-1229)

A. A trustee shall discharge his duties as a trustee in accordance with the
standards of conduct provided for directors of a Virginia corporation pursuant
to &#xA7;&#xA7; 13.1-690 and 13.1-691.

B. Subject to the provisions of subsection C, and except to the extent otherwise
provided in the articles of trust or in the governing instrument of a business
trust, a trustee, when acting in such capacity, is not personally liable to any
person other than the business trust or a beneficial owner for any act,
omission, or obligation of the business trust or any trustee.

C. A trustee or officer of a business trust shall have no liability to the
business trust or a beneficial owner for any act or omission greater than that
of directors or officers of a Virginia corporation to the corporation as
provided in Chapter 9 (&#xA7; 13.1-601 et seq.) of this title, including any
elimination of liability provided for in the articles of trust or governing
instrument.

HISTORY: 2002, c. 621.