Delaware Code Title 12 Sec. 3316 – Substituted property; equivalent value; fiduciary duty
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Except as otherwise expressly provided by the terms of a governing instrument, if a trustor has a power to substitute property of equivalent value, the fiduciary responsible for investment decisions has a fiduciary duty to determine that the substituted property is of equivalent value prior to allowing the substitution.
Terms Used In Delaware Code Title 12 Sec. 3316
- Fiduciary: A trustee, executor, or administrator.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.