§ 1404.
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/vt/1404-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1404. Fiduciary duty
(a)In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.
(b)This chapter does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this chapter.
(c)Except as otherwise provided in a first-trust instrument, for purposes of this chapter and section 801 and subsection 802(a) of this title, the terms of the first trust are deemed to include the decanting power. (Added 2023, No. 177 (Adj. Sess.), § 1, eff. July 1, 2024.)