South Carolina Code 62-7-1009. Beneficiary’s consent, release, or ratification
Current as of: 2023 | Check for updates
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(a) A trustee is not liable to a beneficiary for breach of trust if the beneficiary 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
Terms Used In South Carolina Code 62-7-1009
- 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.
(2) at the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary’s rights or of the material facts relating to the breach.
(b) No consideration is required for the consent, release or ratification to be valid.