§1216. Relief from liability and indemnification
1.
Liability for breach of trust.
Except as otherwise provided in this section, a 2nd-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument does.
[PL 2021, c. 235, §1 (NEW).]
2.
Indemnification for claim otherwise payable.
A 2nd-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.
[PL 2021, c. 235, §1 (NEW).]
3.
No reduction in liability in aggregate.
A 2nd-trust instrument may not reduce fiduciary liability in the aggregate.
[PL 2021, c. 235, §1 (NEW).]
4.
Division and reallocation of fiduciary powers; relief from fiduciary liability.
Subject to subsection 3, a 2nd-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by a law of this State other than this Act.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).