§ 1417.
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/vt/1417A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1417. Relief from liability and indemnification
(a)Except as otherwise provided in this section, a second-trust instrument shall 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 shall 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 an authorized fiduciary from liability for an act or failure to act of another fiduciary as permitted by the law of this State other than this chapter. (Added 2023, No. 177 (Adj. Sess.), § 1, eff. July 1, 2024.)