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2014 SESSION

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SB 345 Trust directors; defenses to liability.

Introduced by: John S. Edwards | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Trust directors; defenses to liability. Clarifies that a trust director is liable for a breach of the trust director's fiduciary duty to the same extent a trustee would be liable for a breach of his fiduciary duty and that a trust director is able to assert defenses to liability on the same basis as a trustee serving under the governing instrument. The bill also provides that a term of a trust relieving a trust director of liability for breach of trust is unenforceable to the extent that it (i) relieves the trust director of liability for a breach of trust that was committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries or (ii) was inserted as a result of abuse by the trust director.


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