A beneficiary‘s consent to a trustee‘s conduct, release of the trustee from liability for the trustee’s conduct, or ratification of the trustee’s conduct is binding unless:

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Terms Used In Minnesota Statutes 501C.1009

  • 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.

(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 trustee’s conduct and the trustee did know of the material facts relating to the trustee’s conduct.