Virginia § 64.2-788 Delegation of investment and management functions

Virginia Statutes

§ 64.2-788 — Delegation of investment and management functions

Virginia § 64.2-788

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle IIITRUSTS

Ch. 7UNIFORM TRUST CODE

Art. 9UNIFORM PRUDENT INVESTOR ACT

This text of Virginia § 64.2-788 (Delegation of investment and management functions) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-788 (2026).

Text

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's actions in order to monitor the agent'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 age

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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's actions in order to monitor the agent'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.