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§ 175.19. Torts of trustee--Exoneration or reimbursement

Oklahoma Statutes AnnotatedTitle 60. Property

Oklahoma Statutes Annotated
Title 60. Property (Refs & Annos)
Chapter 4. Uses and Trusts
Oklahoma Trust Act (Refs & Annos)
60 Okl.St.Ann. § 175.19
§ 175.19. Torts of trustee--Exoneration or reimbursement
Currentness
A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property;
A. If he has not discharged the claim, or to be reimbursed therefor out of trust funds if he has paid the claim; if
1. The tort was a common incident of the kind of business activity in which the trustee was properly engaged for the trust; or
2. Although the tort was not a common incident of such activity, if neither the trustee nor any officer or employee of the trustee was guilty of actionable negligence in incurring the liability.
B. If a trustee commits a tort which increases the value of the trust property, he shall be entitled to exoneration or reimbursement with respect thereto to the extent of such increase in value, even though he would not otherwise be entitled to exoneration or reimbursement.
Where the trust instrument reserves to the trustor or vests in an advisory or investment committee or any other person, including a cotrustee, authority to direct the making or retention of investments, the excluded trustee or trustees shall not be liable as a trustee for any loss resulting from the making or retention of any investment pursuant to such mandatory direction, except to the extent the excluded trustee is negligent in carrying out the execution of the directed investment or other directed action, and nothing herein shall relieve any trustee having custody of any asset from liability for exercising due diligence in the safekeeping thereof.

Credits

Laws 1941, p. 254, § 19; Laws 1968, c. 15, § 4, emerg. eff. Feb. 19, 1968.
60 Okl. St. Ann. § 175.19, OK ST T. 60 § 175.19
Current with emergency effective legislation through Chapter 277 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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