Delaware Code Title 12 Sec. 3588 – Consent, release, ratification, or indemnification in favor of a …
(a) A person may not hold a trustee liable for a breach of trust or other claim if the person consented to the conduct constituting the breach or other claim, released the trustee from liability for the breach or other claim, or ratified the transaction constituting the breach or other claim, unless:
(1) The consent, release or ratification of the person was induced by improper conduct of the trustee; or
(2) At the time of the consent, release or ratification, the person did not know of:
a. The person’s rights; or
b. Material facts the trustee knew or should have known with the exercise of reasonable inquiry.
Terms Used In Delaware Code Title 12 Sec. 3588
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Trustee: A person or institution holding and administering property in trust.
(b) A consent, release, ratification, or indemnification in favor of a trustee need not be supported by consideration.
72 Del. Laws, c. 388, § ?7; 75 Del. Laws, c. 300, § ?4; 78 Del. Laws, c. 117, § ?14; 81 Del. Laws, c. 320, § 5;