                                 CODE OF VIRGINIA

LIABILITY TO THIRD PERSON; EXCEPTIONS (§ 64.2-911)

A. A claim based on a contract entered into by a custodial trustee acting in a
fiduciary capacity, an obligation arising from the ownership or control of
custodial trust property, or a tort committed in the course of administering the
custodial trust, may be asserted by a third person against the custodial trust
property by proceeding against the custodial trustee in a fiduciary capacity,
whether or not the custodial trustee or the beneficiary is personally liable.

B. A custodial trustee is not personally liable to a third person (i) on a
contract properly entered into in a fiduciary capacity, unless the custodial
trustee fails to reveal that capacity or to identify the custodial trust in the
contract, or (ii) for an obligation arising from control of custodial trust
property or for a tort committed in the course of the administration of the
custodial trust unless the custodial trustee is personally at fault. A
beneficiary is not personally liable to a third person for an obligation arising
from beneficial ownership of custodial trust property or for a tort committed in
the course of administration of the custodial trust unless the beneficiary is
personally in possession of the custodial trust property giving rise to the
liability or is personally at fault.

C. This section does not preclude actions or proceedings to establish liability
of the custodial trustee or beneficiary to the extent the person sued is
protected as the insured by liability insurance.

HISTORY: 1990, c. 264, § 55-34.12; 2012, c. 614.