Trust directors; defenses to liability. (SB345)

Introduced By

Sen. John Edwards (D-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Trust directors; defenses to liability. Clarifies that a trust director is liable for a breach of the trust director's fiduciary duty to the same extent a trustee would be liable for a breach of his fiduciary duty and that a trust director is able to assert defenses to liability on the same basis as a trustee serving under the governing instrument. The bill also provides that a term of a trust relieving a trust director of liability for breach of trust is unenforceable to the extent that it (i) relieves the trust director of liability for a breach of fiduciary duty that was committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries or (ii) was inserted as a result of abuse by the trust director. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2014Prefiled and ordered printed; offered 01/08/14 14101704D
01/07/2014Referred to Committee for Courts of Justice
02/05/2014Reported from Courts of Justice (14-Y 0-N) (see vote tally)
02/07/2014Constitutional reading dispensed (40-Y 0-N)
02/10/2014Read second time and engrossed
02/10/2014Constitutional reading dispensed (39-Y 0-N 1-A)
02/10/2014Passed Senate (40-Y 0-N)
02/12/2014Placed on Calendar
02/12/2014Read first time
02/12/2014Referred to Committee for Courts of Justice
02/14/2014Assigned Courts sub: Civil Law
02/24/2014Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
02/26/2014Reported from Courts of Justice with amendment (21-Y 0-N) (see vote tally)
02/28/2014Read second time
03/03/2014Read third time
03/03/2014Committee amendment agreed to
03/03/2014Engrossed by House as amended
03/03/2014Passed House with amendment BLOCK VOTE (94-Y 0-N)
03/03/2014VOTE: BLOCK VOTE PASSAGE (94-Y 0-N) (see vote tally)
03/04/2014House amendment agreed to by Senate (40-Y 0-N)
03/06/2014Enrolled
03/06/2014Bill text as passed Senate and House (SB345ER)
03/06/2014Signed by Speaker
03/09/2014Signed by President
04/07/2014G Approved by Governor-Chapter 749 (effective 7/1/14)
04/07/2014G Acts of Assembly Chapter text (CHAP0749)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 2 minutes.