§ 35-15-1009. Beneficiary’s Consent, Release, or Ratification
A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented in writing to the conduct or transaction constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: The consent, release, or ratification of the beneficiary was induced by improper conduct […]
§ 35-15-1010. Limitation on Personal Liability of Trustee
Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. Except as otherwise provided in subsection (a) or (c), the debts, obligations and liabilities […]
§ 35-15-1011. Interest as General Partner
Except as otherwise provided in subsection (c) or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust’s acquisition of the interest if the fiduciary capacity […]
§ 35-15-1012. Protection of Person Dealing With Trustee
A person other than a beneficiary who in “good faith”, as defined in § 47-1-201, assists a trustee, or who in “good faith” and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s powers is protected from liability as if the trustee properly exercised the power. […]
§ 35-15-1013. Certification of Trust
Instead of furnishing a copy of the trust instrument to any person to evidence the existence and validity of the trust, the trustee may furnish to such person a certification of trust, signed by the trustee or trustees having signatory authority as identified in subdivision (a)(5) and attested by a notary public and shall contain […]
§ 35-15-1014. Enforcement of No-Contest, in Terrorem or Forfeiture Provisions
For the purposes of this section, “no-contest provision” includes a “no-contest provision,” “in terrorem provision” or “forfeiture provision” of a trust instrument. A “no-contest provision” means a provision that, if given effect, would reduce or eliminate the interest of any beneficiary of such trust who, directly or indirectly, initiates or otherwise pursues: Any action to […]
§ 35-15-1101. No Consideration Given to Need to Promote Uniformity of Application and Construction of Law
Numerous provisions of each of the following have been modified extensively relative to their respective uniform acts as such uniform acts were drafted and have been amended by the Uniform Law Commission, also known as the National Conference of Commissioners of Uniform State Laws: Chapter 6, the Uniform Principal and Income Act; Chapter 14, the […]
§ 35-15-1102. Electronic Records and Signatures
The provisions of this chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of section 102 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7002), and supersede, […]
§ 35-15-1103. Application to Existing Relationships
Except as otherwise provided in this chapter, on July 1, 2004: This chapter applies to all trusts created before, on, or after July 1, 2004; This chapter applies to all judicial proceedings concerning trusts commenced on or after July 1, 2004; This chapter applies to judicial proceedings concerning trusts commenced before July 1, 2004, unless […]
§ 35-15-1002. Damages for Breach of Trust
Except as otherwise provided in § 35-3-117(a)-(d) with regard to investment of trust funds or elsewhere in this chapter, a trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: The amount required to restore the value of the trust property and trust distributions to what they would […]