Kansas Statutes 58-5010. Duty to provide information to trust director or trustee
Terms Used In Kansas Statutes 58-5010
- Trustee: A person or institution holding and administering property in trust.
(a) Subject to Kan. Stat. Ann. 2023 Supp. 58-5011, and amendments thereto, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:
(1) The powers or duties of the trustee; and
(2) the powers or duties of the director.
(b) Subject to Kan. Stat. Ann. 2023 Supp. 58-5011, and amendments thereto, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both 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.