Section 4-10-1009 – Beneficiary’s Consent, Release or Ratification.
4-10-1009. Beneficiary’s consent, release or ratification. (a) A fiduciary is not liable to a beneficiary for breach of trust if the beneficiary consented in writing to the conduct constituting the breach, released the fiduciary from liability for the breach or ratified the transaction constituting the breach, unless: (i) The consent, release or ratification of the […]
Section 4-10-1010 – Limitation on Personal Liability of Fiduciary.
4-10-1010. Limitation on personal liability of fiduciary. (a) Except as otherwise provided in the contract, a fiduciary is not personally liable on a contract properly entered into in its capacity as a fiduciary in the course of administering the trust if the fiduciary in the contract disclosed the fiduciary capacity. (b) A fiduciary is personally […]
Section 4-10-1011 – Liability of Successor Fiduciaries for Actions of Predecessor.
4-10-1011. Liability of successor fiduciaries for actions of predecessor. Successor fiduciaries are not liable for actions, errors or omissions of any prior or predecessor fiduciaries.
Section 4-10-1012 – Interest of Trustee as General Partner.
4-10-1012. Interest of trustee 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 an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership […]
Section 4-10-1013 – Protection of Person Dealing With Fiduciary.
4-10-1013. Protection of person dealing with fiduciary. (a) A person other than a beneficiary who in good faith assists a fiduciary, or who in good faith and for value deals with a fiduciary, without knowledge that the fiduciary is exceeding or improperly exercising the fiduciary’s powers is protected from liability as if the fiduciary properly […]
Section 4-10-1014 – Certification or Affidavit of Trust.
4-10-1014. Certification or affidavit of trust. (a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification or affidavit of trust containing the following information: (i) That the trust exists and the date the trust instrument was executed; (ii) The […]
Section 4-10-1004 – Attorney’s Fees and Costs.
4-10-1004. 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 of the controversy.
Section 4-10-1005 – Limitation of Action Against Fiduciary.
4-10-1005. Limitation of action against fiduciary. (a) A beneficiary may not commence a proceeding against a fiduciary for breach of trust more than two (2) years after the date the beneficiary or a representative of the beneficiary received a report that adequately disclosed the existence of a potential claim for breach of trust and informed […]
Section 4-10-1006 – Reliance on Trust Instrument.
4-10-1006. Reliance on trust instrument. A fiduciary 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.
Section 4-10-1007 – Event Affecting Administration or Distribution.
4-10-1007. 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 fiduciary who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the fiduciary’s lack of […]