Florida Statutes 736.1412 – Application to cotrustee
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Terms Used In Florida Statutes 736.1412
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(1) The terms of a trust may provide for the appointment of more than one trustee but confer upon one or more of the trustees, to the exclusion of the others, the power to direct or prevent specified actions of the trustees.
(2) The excluded trustees shall act in accordance with the exercise of the power in the manner, and with the same duty and liability, as directed trustees with respect to a trust director’s power of direction under s. 736.1409, relating to the duties and liabilities of a directed trustee; s. 736.141, relating to the duties of a trustee and trust director to provide and rely on information; and s. 736.1411, relating to limitations on the duties of trustees or trust directors to monitor, inform, or advise on matters involving the other.
(3) The trustee or trustees having the power to direct or prevent actions of the excluded trustees shall be liable to the beneficiaries with respect to the exercise of the power as if the excluded trustees were not in office and shall have the exclusive obligation to account to and to defend any action brought by the beneficiaries with respect to the exercise of the power.