Washington Code 11.98B.070 – Trust director — Duties and liability
Current as of: 2023 | Check for updates
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(1) Subject to subsection (2) of this section, with respect to a power of direction or further power under RCW 11.98B.050(2)(a):
Terms Used In Washington Code 11.98B.070
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means an original, added, or successor trustee and includes the state, or any agency thereof, when it is acting as the trustee of a trust to which chapter 11. See Washington Code 11.02.005
(a) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
(i) If the power is held individually, as a sole trustee in a like position and under similar circumstances; or
(ii) If the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and
(b) The terms of the trust may vary the director’s duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
(2) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this chapter to provide health care in the ordinary course of the director’s business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this chapter.
(3) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.
[ 2020 c 303 § 8.]