Kentucky Statutes 386B.10-090 – Beneficiary’s consent, release, or ratification
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A trustee shall not be liable to a beneficiary for breach of trust if the beneficiary, while having capacity, consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:
(1) The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or
(2) At the time of the consent, release, or ratification, the beneficiary did not know of the beneficiary’s rights or of the material facts relating to the breach.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 87, effective July 15, 2014.
(1) The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or
Terms Used In Kentucky Statutes 386B.10-090
- 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
- Beneficiary: means a person that:
(a) Has a present or future beneficial interest in a trust, vested or contingent. See Kentucky Statutes 386B.1-010 - Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(2) At the time of the consent, release, or ratification, the beneficiary did not know of the beneficiary’s rights or of the material facts relating to the breach.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 87, effective July 15, 2014.