§ 28-73-1106. Application to existing relationships
(a) Except as otherwise provided in this chapter, on September 1, 2005: (1) this chapter applies to all trusts created before, on, or after September 1, 2005; (2) this chapter applies to all judicial proceedings concerning trusts commenced on or after September 1, 2005; (3) this chapter applies to judicial proceedings concerning trusts commenced before […]
§ 28-73-1001. Remedies for breach of trust
(a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (b) To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the trustee’s duties; (2) enjoin the trustee from committing a breach of trust; […]
§ 28-73-1104. Effective date
This chapter takes effect on September 1, 2005.
§ 28-73-1002. Damages for breach of trust
(a) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or (2) the profit the trustee made by reason of […]
§ 28-73-1003. Damages in absence of breach
(a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. (b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or […]
§ 28-73-1004. Attorney’s fees and costs
In a judicial proceeding involving the administration of a trust, a court, as justice and equity may require, may award costs and expenses, including reasonable attorney’s fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.
§ 28-73-1005. Limitation of action against trustee
(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time […]
§ 28-73-1006. Reliance on trust instrument
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.
§ 28-73-1007. Event affecting administration or distribution
If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee’s lack of knowledge.
§ 28-73-1008. Exculpation of trustee
(a) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (2) was […]