New Jersey Statutes 3B:31-73. Damages in absence of breach
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Terms Used In New Jersey Statutes 3B:31-73
- 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
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Trustee: A person or institution holding and administering property in trust.
3B:31-73. Damages in Absence of Breach.
a. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust, except where the interest in the transaction involved is fully disclosed to the beneficiary and consent is freely given.
b. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.
L.2015, c.276, s.1.