§ 91-8-1206. Limitation of action against trust advisor or trust protector
A beneficiary may not commence a proceeding against a trust advisor or trust protector 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 facts indicating the existence of a potential claim for breach of trust. A report […]
§ 91-8-1205. Fiduciary’s liability for action or inaction of trustee, trust advisor, and trust protector
An excluded fiduciary is not liable, either individually or as a fiduciary, for: Any loss resulting from compliance with a direction of a trustee, trust advisor, or trust protector, including, but not limited to, any loss from the trustee, trust advisor, or trust protector breaching fiduciary responsibilities or acting beyond the trustee’s, trust advisor’s, or […]
§ 91-8-1201. Powers of trust advisors and trust protectors
A trust protector or trust advisor is any person, and may be a committee of more than one (1) person, other than a trustee, who under the terms of the trust has a power or duty with respect to a trust, including, but not limited to, one or more of the following powers: The power […]
§ 91-8-1202. Trust advisors and trust protectors as fiduciaries
A trust advisor or trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to the trust advisor or trust protector. In exercising any power or refraining from exercising any power, a trust advisor or trust protector shall act in good faith and in accordance with the terms and purposes […]
§ 91-8-1203. Trust advisor and trust protector subject to court jurisdiction
By accepting appointment to serve as a trust advisor or trust protector, the trust advisor or the trust protector submits personally to the jurisdiction of the courts of this state even if investment advisory agreements or other related agreements provide otherwise, and the trust advisor or trust protector may be made a party to any […]
§ 91-8-1204. No duty to review actions of trustee, trust advisor, or trust protector
Whenever, pursuant to the terms of a trust, an excluded fiduciary is to follow the direction of a trustee, trust advisor, or trust protector with respect to investment decisions, distribution decisions, or other decisions of the nonexcluded fiduciary, then, except to the extent that the terms of the trust provide otherwise, the excluded fiduciary shall […]