Connecticut General Statutes 45a-499vvv – Beneficiary’s consent, release or ratification
Current as of: 2023 | Check for updates
|
Other versions
(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 (2) at the time of the consent, release or ratification, the beneficiary did not know of the beneficiary’s rights or of the material facts relating to the breach.
Terms Used In Connecticut General Statutes 45a-499vvv
- 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
- Beneficiary: means a person that (A) has a present or future beneficial interest in a trust, vested or contingent. See Connecticut General Statutes 45a-499c
- Breach of trust: includes a violation by a trust director or trustee of a duty imposed on the director or trustee by the terms of the trust, sections 45a-499a to 45a-500s, inclusive, or law of this state other than sections 45a-499a to 45a-500s, inclusive, pertaining to trusts. See Connecticut General Statutes 45a-499c
- Testamentary trust: means a trust created under a will and, unless otherwise expressly provided, any trust established pursuant to an order of the Probate Court. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) The liability of a trustee of a testamentary trust is not governed by the provisions of this section.