Florida Statutes 736.1408 – Duty and liability of trust director
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(1) Subject to subsection (2), with respect to a power of direction or further power under s. 736.1406(3)(a), relating to additional power granted to a trust director in furtherance of an express power of direction:
(a) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
1. If the power is held individually, as a sole trustee in a like position and under similar circumstances; or
2. If the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances.
Terms Used In Florida Statutes 736.1408
- 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.
(b) The terms of the trust may vary the trust director’s duty or liability to the same extent the terms of the trust may 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 part to provide health care in the ordinary course of the trust director’s business or practice of a profession, to the extent the trust director acts in that capacity the trust director has no duty or liability under this part.
(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.