Sec. 32. (a) Except as stated in subsections (b) and (c), the
trustee, by provisions of the trust, can be relieved of liability for
breach of trust.
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Terms Used In Indiana Code 30-4-3-32
- Breach of trust: means a violation by the trustee of any duty which is owed to the settlor or beneficiary. See Indiana Code 30-4-1-2
- Fiduciary: A trustee, executor, or administrator.
- Settlor: means a person who establishes a trust including the testator of a will under which a trust is created. See Indiana Code 30-4-1-2
- Trust instrument: means an instrument, agreement, or other written document executed by the settlor that contains the terms of the trust, including any amendments to the terms of the trust. See Indiana Code 30-4-1-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
(c) A provision that relieves the trustee of liability for breach of trust is ineffective if it is inserted in the trust instrument as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.
As added by P.L.149-1984, SEC.1.
