Louisiana Revised Statutes 9:2207 – A beneficiary who is acting with knowledge of the material facts and whose action is not improperly induced by the conduct of a trustee may, by written instrument delivered to a trus
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Terms Used In Louisiana Revised Statutes 9:2207
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
A beneficiary who is acting with knowledge of the material facts and whose action is not improperly induced by the conduct of a trustee may, by written instrument delivered to a trustee, relieve a trustee from liabilities that otherwise would be imposed upon him. The instrument shall not be effective if it limits prospectively and in general terms a trustee’s liability for breach of the duty of loyalty to a beneficiary, or for breach of trust in bad faith.
Amended by Acts 2020, No. 18, §1.