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§ 14-614. Liability and indemnification of fiduciary

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2023

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14. Trusts (Refs & Annos)
Subtitle 6. Maryland Trust Decanting Act (Refs & Annos)
Effective: October 1, 2023
MD Code, Estates and Trusts, § 14-614
§ 14-614. Liability and indemnification of fiduciary
Currentness
Liability
(a) Except as otherwise provided in this section, a second trust instrument may not:
(1) Relieve an authorized fiduciary from liability for breach of trust to a greater extent than a first trust instrument; or
(2) Reduce fiduciary liability in the aggregate.
Indemnification
(b) A second trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting as a fiduciary of 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.
Division and reallocation of fiduciary powers
(c) Subject to subsection (a)(2) of this section, a second 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 allowed by the law of this State other than this title.

Credits

Added by Acts 2023, c. 715, § 1, eff. Oct. 1, 2023; Acts 2023, c. 716, § 1, eff. Oct. 1, 2023.
MD Code, Estates and Trusts, § 14-614, MD EST & TRST § 14-614
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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