Delaware Code Title 12 Sec. 3560 – Trustees entitled to compensation in accordance with instrument
(a) Trustees under wills, trustees under inter vivos deeds of trust, both revocable and irrevocable, and successors to such trustees, are entitled to reasonable compensation for their services in accordance with the instrument creating the trust. Subject to other provisions of this subsection, if a trust instrument fixes the reasonable compensation of a trustee, the trustee is entitled to compensation as so determined. Upon proper showing, the Court of Chancery may fix or allow greater or lesser compensation than could be allowed under the terms of such trust in any of the following circumstances:
(1) Where the duties of the trustee are substantially different from those contemplated when the trust was created;
(2) Where the compensation in accordance with the terms of the trust would be unreasonably low or high;
(3) In extraordinary circumstances calling for equitable relief.
Terms Used In Delaware Code Title 12 Sec. 3560
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Inter vivos: Transfer of property from one living person to another living person.
- Trustee: A person or institution holding and administering property in trust.
(b) An order under this section allowing greater or lesser compensation applies to such actions taken in the administration of a trust as the order shall specify.