Massachusetts General Laws ch. 203E sec. 1009 – Beneficiary’s consent, release or ratification
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Section 1009. Beneficiary‘s consent, release or ratification
Terms Used In Massachusetts General Laws ch. 203E sec. 1009
- 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
- Trustee: A person or institution holding and administering property in trust.
A trustee shall not be liable to a beneficiary for breach of trust if the beneficiary, while having capacity, in writing, consented to the conduct constituting the breach, released the trustee from liability for the breach or ratified the transaction constituting the breach, unless:
(1) the consent, release or ratification of the beneficiary was induced by improper conduct of the trustee; or
(2) at the time of the consent, release or ratification, the beneficiary did not know of the material facts relating to the breach.