Delaware Code Title 12 Sec. 3581 – Breach of trust; equitable remedies
(a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.
Terms Used In Delaware Code Title 12 Sec. 3581
- 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
- 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
- Fiduciary: A trustee, executor, or administrator.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
(b) To remedy a breach of trust that has occurred or may occur, the court may order any equitable remedy, including:
(1) Compelling the trustee to perform the trustee’s duties;
(2) Enjoining the trustee from committing a breach of trust;
(3) Compelling the trustee to redress a breach of trust by paying money, restoring property, or other means;
(4) Ordering a trustee to account;
(5) Appointing a special fiduciary to take possession of the trust property and administer the trust;
(6) Suspending or removing the trustee;
(7) Reducing or denying compensation to the trustee;
(8) Subject to § 3590 of this title, voiding an act of the trustee, imposing a lien or a constructive trust on trust property or tracing trust property wrongfully disposed of and recover the property or its proceeds; or
(9) Granting any other appropriate relief.