Delaware Code Title 12 Sec. 3544 – Successor trustee
Unless provided otherwise by the terms of the governing instrument or by order of court, in the absence of actual knowledge of a breach of trust, or information concerning a possible breach of trust that would cause a reasonable person to inquire, a successor trustee appointed in accordance with the terms of the governing instrument, by the court, or by nonjudicial settlement agreement, is under no duty to examine the accounts and records of a predecessor trustee, is under no duty to inquire into or confirm the validity of a governing instrument or actions by a predecessor trustee altering or modifying a governing instrument or to inquire into the acts or omissions of its predecessor, is not liable for any failure to seek redress for any act or omission of any predecessor trustee, shall have responsibility only for property which is actually delivered to it by its predecessor, and shall have all of the powers and discretions conferred in the governing instrument upon the original trustee.
65 Del. Laws, c. 422, § ?7; 66 Del. Laws, c. 376, § ?1; 79 Del. Laws, c. 352, § ?4; 82 Del. Laws, c. 52, § 2;
Terms Used In Delaware Code Title 12 Sec. 3544
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.