§ 53-12-302. Damages for Breach of Trust; Interest
A trustee who commits a breach of trust shall be personally chargeable with any damages resulting from such breach of trust, including, but not limited to: Any loss or depreciation in value of the trust property as a result of such breach of trust, with interest; Any profit made by the trustee through such breach […]
§ 53-12-303. Relief of Liability
No provision in a trust instrument shall be effective to relieve the trustee of liability for a breach of trust committed in bad faith or with reckless indifference to the interests of the beneficiaries. A trustee of a revocable trust shall not be liable to a beneficiary for any act performed or omitted pursuant to […]
§ 53-12-304. Liability of Successor Trustee
A successor trustee shall be liable to the beneficiary for breach of trust involving acts or omissions of a predecessor trustee only if the successor trustee: Knows or reasonably should have known of a situation constituting a breach of trust committed by the predecessor trustee and the successor trustee improperly permits it to continue; Neglects […]
§ 53-12-305. Liability of Cotrustee
A trustee shall be liable to the beneficiary for a breach committed by a cotrustee if such trustee: Participates in a breach of trust committed by the cotrustee; Improperly delegates the administration of the trust to the cotrustee; Approves, knowingly acquiesces in, or conceals a breach of trust committed by the cotrustee; Negligently enables the […]
§ 53-12-306. Action Against Cotrustee
A trustee may maintain an action against a cotrustee to: Compel the cotrustee to perform duties required under the trust; Enjoin the cotrustee from committing a breach of trust; or Compel the cotrustee to redress a breach of trust committed by such cotrustee. The provision of remedies for a breach of trust shall not prevent […]
§ 53-12-307. Limitation of Actions
Unless a claim is previously barred by adjudication, consent, limitation, or otherwise, if a beneficiary has received a written report that adequately discloses the existence of a claim against the trustee for a breach of trust, the claim shall be barred as to that beneficiary unless a proceeding to assert the claim is commenced within […]
§ 53-12-308. Personal Liability of Trustee
A trustee shall not be personally liable on any warranty made in any conveyance unless the intention to create a personal liability is distinctly expressed. Unless otherwise provided in the contract, a trustee shall not be personally liable on contracts properly entered into in the trustee’s fiduciary capacity unless the trustee fails to reveal the […]
§ 53-12-320. Nonresidents Acting as Trustees
Any nonresident who is eligible to serve as a trustee under Code Section 53-12-201 may act as a trustee in this state pursuant to the terms of this Code section. Any nonresident trustee who acts as a trustee in this state shall be deemed to have consented to service upon the Secretary of State of […]
§ 53-12-321. Foreign Entities Acting as Trustees
Any foreign entity may act in this state as trustee, executor, administrator, guardian, or any other like or similar fiduciary capacity, whether the appointment is by law, will, deed, inter vivos trust, security deed, mortgage, deed of trust, court order, or otherwise without the necessity of complying with any law of this state relating to […]
§ 53-12-322. Acting as Fiduciary; Establishment of Place of Business Prohibited; Certificate of Authority Required
A foreign entity, insofar as it acts in a fiduciary capacity in this state pursuant to this article, shall not establish or maintain in this state a place of business, branch office, or agency for the conduct in this state of business as a fiduciary unless it obtains a certificate of authority to transact business […]