§ 1003. Damages in absence of breach
§ 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. Nothing in this section limits a trustee’s right to reasonable compensation under section 708 of this title. (b) Absent […]
§ 1004. Attorney’s fees and costs
§ 1004. Attorney’s fees and costs In a judicial proceeding involving the administration of a trust, the Probate Division of the Superior 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 […]
§ 1005. Limitation of action against trustee
§ 1005. Limitation of action against trustee (a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one 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. (b) […]
§ 1006. Reliance on trust instrument
§ 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. (Added 2009, No. 20, § 1.)
§ 1007. Event affecting administration or distribution
§ 1007. Event affecting administration or distribution If the happening of an event, including marriage, divorce, performance of educational requirements, attainment of a specified age, 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 […]
§ 1008. Exculpation of trustee
§ 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 […]
§ 1009. Beneficiary’s consent, release, or ratification
§ 1009. Beneficiary’s consent, release, or ratification A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (1) the consent, release, or ratification of the beneficiary was […]
§ 1010. Limitation on personal liability of trustee
§ 1010. Limitation on personal liability of trustee (a) 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 making the contract disclosed the fiduciary capacity. The addition of the […]
§ 1011. Interest as general partner
§ 1011. Interest as general partner (a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds, in a fiduciary capacity, an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into […]
§ 1012. Protection of person dealing with trustee
§ 1012. Protection of person dealing with trustee (a) A person other than a beneficiary who in good faith 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 […]