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§ 14.5-902. Liability of trustee upon breach of trust

West's Annotated Code of MarylandEstates and TrustsEffective: January 1, 2015

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14.5. Maryland Trust Act (Refs & Annos)
Subtitle 9. Liability of Trustees and Rights of Persons Dealing with the Trustee (Refs & Annos)
Effective: January 1, 2015
MD Code, Estates and Trusts, § 14.5-902
§ 14.5-902. Liability of trustee upon breach of trust
Currentness
In general
(a) A trustee that commits a breach of trust is liable to the beneficiaries affected by the breach for the greater of:
(1) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or
(2) The profit the trustee made by reason of the breach.
Multiple trustees
(b)(1) Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees that are also liable.
(2) A trustee that received a benefit from a breach of trust under this subsection is not entitled to contribution from another trustee to the extent of the benefit received.

Credits

Added by Acts 2014, c. 585, § 1, eff. Jan. 1, 2015.
MD Code, Estates and Trusts, § 14.5-902, MD EST & TRST § 14.5-902
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document