30-4517. Relief from liability and indemnification.
156 words·~1 min read·
/ne/chapter-30/30-4517A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.
(b)A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.
(c)A second-trust instrument may not reduce fiduciary liability in the aggregate.
(d)Subject to subsection
(c)of this section, a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by law of this state other than the Uniform Trust Decanting Act.