Indiana Code 30-4-9-10. Providing information to a trust director; liability; breach of trust
(1) the powers or duties of the trustee; and
Terms Used In Indiana Code 30-4-9-10
- Breach of trust: includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. See Indiana Code 30-4-9-2
- 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. See Indiana Code 30-4-9-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
- Willful misconduct: means intentional wrongdoing, and not mere negligence, gross negligence, or recklessness. See Indiana Code 30-4-9-2
(b) Subject to section 11 of this chapter, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related to:
(1) the powers or duties of the director; and
(2) the powers or duties of the trustee or other director.
(c) A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting, the trustee engages in willful misconduct.
(d) A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting, the trust director engages in willful misconduct.
As added by P.L.221-2019, SEC.10.