Section 456.10-1001 – Remedies for breach of trust.
Effective – 01 Jan 2005 456.10-1001. Remedies for breach of trust. — 1. A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. 2. To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the […]
Section 456.10-1002 – Damages for breach of trust.
Effective – 01 Jan 2005 456.10-1002. Damages for breach of trust. — 1. 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 […]
Section 456.10-1003 – Damages in absence of breach.
Effective – 01 Jan 2005 456.10-1003. Damages in absence of breach. — 1. 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. 2. Absent a breach of trust, a trustee is not liable to a beneficiary […]
Section 456.10-1004 – Attorney’s fees and costs.
Effective – 01 Jan 2005 456.10-1004. Attorney’s fees and costs. — In a judicial proceeding involving the administration of a trust, the 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 […]
Section 456.10-1005 – Limitation of action against trustee.
Effective – 01 Jan 2005 456.10-1005. Limitation of action against trustee. — 1. A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the last to occur of the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the […]
Section 456.10-1006 – Reliance on trust instrument.
Effective – 01 Jan 2005 456.10-1006. 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. ——– (L. 2004 H.B. 1511) […]
Section 456.10-1007 – Event affecting administration or distribution.
Effective – 01 Jan 2005 456.10-1007. 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 […]
Section 456.10-1008 – Exculpation of trustee.
Effective – 01 Jan 2005 456.10-1008. Exculpation of trustee. — 1. 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 […]
Section 456.8-816 – Specific powers of trustee.
Effective – 28 Aug 2008, 2 histories 456.8-816. Specific powers of trustee. — Without limiting the authority conferred by section 456.8-815, a trustee may: (1) collect trust property and accept or reject additions to the trust property from a settlor or any other person; (2) acquire or sell property in divided or undivided interests, for […]
Section 456.8-817 – Distribution upon termination.
Effective – 01 Jan 2005 456.8-817. Distribution upon termination. — 1. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty […]