Connecticut General Statutes 45a-500h – Duty and liability of trust director
(a) Subject to the provisions of subsection (b) of this section, with respect to a power of direction or further power under subdivision (1) of subsection (b) of § 45a-500f:
Terms Used In Connecticut General Statutes 45a-500h
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Power of direction: includes a power over the investment, management or distribution of trust property or other matters of trust administration, but does not include the powers described in subsection (b) of §. See Connecticut General Statutes 45a-499c
- Terms of a trust: means :
(A) Except as otherwise provided in subparagraph (B) of this subdivision, the manifestation of the settlor's intent regarding a trust's provisions as:
(i) Expressed in the trust instrument. See Connecticut General Statutes 45a-499c
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, provided a person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust. 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
(1) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
(A) If the power is held individually, as a sole trustee in a like position and under similar circumstances; or
(B) If the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and
(2) The terms of the trust may vary the director’s duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
(b) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than sections 45a-500b to 45a-500s, inclusive, to provide health care in the ordinary course of the director’s business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under sections 45a-500b to 45a-500s, inclusive.
(c) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.