Vermont Statutes Title 14 Sec. 1003
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Terms Used In Vermont Statutes Title 14 Sec. 1003
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Trustee: A person or institution holding and administering property in trust.
§ 1003. Damages in absence of breach
(a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. Nothing in this section limits a trustee’s right to reasonable compensation under section 708 of this title.
(b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit. (Added 2009, No. 20, § 1.)