Connecticut General Statutes 45a-500l – Application to cotrustee
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The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that, in a directed trust, a directed trustee is relieved from duty and liability with respect to a trust director‘s power of direction under sections 45a-500i to 45a-500k, inclusive.
Terms Used In Connecticut General Statutes 45a-500l
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Directed trust: means a trust for which the terms of the trust grant a power of direction. See Connecticut General Statutes 45a-499c
- Power of direction: includes a power over the investment, management or distribution of trust property or other matters of trust administration, but does not include the powers described in subsection (b) of section 45a-500e. See Connecticut General Statutes 45a-499c
- Terms of a trust: means :
(A) Except as otherwise provided in subparagraph (B) of this subdivision, the manifestation of the settlor's intent regarding a trust's provisions as:
(i) Expressed in the trust instrument. See Connecticut General Statutes 45a-499c
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, provided a person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust. See Connecticut General Statutes 45a-499c