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2014 SESSION
SB 345 Trust directors; defenses to liability.
Introduced by: John S. Edwards | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
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.
SUMMARY AS INTRODUCED:
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 fiduciary duty 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.