Kansas Statutes 58-5011. No duty to monitor, inform or advise
Terms Used In Kansas Statutes 58-5011
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(a) Unless the terms of a trust provide otherwise:
(1) A trustee does not have a duty to:
(A) Monitor a trust director; or
(B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and
(2) by taking an action described in paragraph (1), a trustee does not assume the duty excluded by paragraph (1).
(b) Unless the terms of a trust provide otherwise:
(1) A trust director does not have a duty to:
(A) Monitor a trustee or another trust director; or
(B) inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(2) by taking an action described in paragraph (1), a trust director does not assume the duty excluded by paragraph (1).