Sec. 12. (Liability for Breach of Trust by Co-Trustee)

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Terms Used In Indiana Code 30-4-3-12

  • Breach of trust: means a violation by the trustee of any duty which is owed to the settlor or beneficiary. See Indiana Code 30-4-1-2
     A trustee becomes liable to the beneficiary for a breach of trust committed by his co-trustee if he:

     (a) participates in the breach of trust;

     (b) improperly delegates the administration of the trust to the co-trustee;

     (c) approves, acquiesces in or conceals a breach of trust;

     (d) enables the co-trustee to commit a breach of trust by his failure to exercise care in the administration of the trust; or

     (e) fails to use reasonable effort to compel the co-trustee, or, if the co-trustee has died, his estate, to redress a breach of trust.

Formerly: Acts 1971, P.L.416, SEC.4.

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