Sec. 47. (a) Except as otherwise provided in this section, a
second-trust instrument must not relieve an authorized
fiduciary from liability for
breach of trust to a greater extent than the
first-trust instrument.
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Terms Used In Indiana Code 30-4-10-47
- authorized fiduciary: means :
Indiana Code 30-4-10-4
- 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
- decanting power: means the power of an authorized fiduciary under this chapter to:
Indiana Code 30-4-10-12
- Fiduciary: A trustee, executor, or administrator.
- first trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Indiana Code 30-4-10-15
- first-trust instrument: means the trust instrument for a first trust. See Indiana Code 30-4-10-16
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- person: means :
Indiana Code 30-4-10-19
- second trust: means :
Indiana Code 30-4-10-26
- second-trust instrument: means the trust instrument for a second trust. See Indiana Code 30-4-10-27
- state: means :
Indiana Code 30-4-10-30
(c) A second-trust instrument must not reduce fiduciary liability in the aggregate.
(d) Subject to subsection (c), a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one (1) or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by the laws of this state other than this chapter.
As added by P.L.161-2022, SEC.3.
