Connecticut General Statutes 45a-500l – Application to cotrustee
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The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that, in a directed trust, a directed trustee is relieved from duty and liability with respect to a trust director‘s power of direction under sections 45a-500i to 45a-500k, inclusive.
Terms Used In Connecticut General Statutes 45a-500l
- 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
- Directed trust: means a trust for which the terms of the trust grant a power of direction. See Connecticut General Statutes 45a-499c
- 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