Indiana Code 30-4-9-9. Duties and liabilities of a directed trustee
(b) A directed trustee must not comply with a trust director’s exercise or nonexercise of a power of direction or further power under section 6(b)(1) of this chapter to the extent that by complying the trustee would engage in willful misconduct.
Terms Used In Indiana Code 30-4-9-9
- Breach of trust: includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter. See Indiana Code 30-4-9-2
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Directed trustee: means a trustee that is subject to a trust director's power of direction. See Indiana Code 30-4-9-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
- Terms of a trust: means :
Indiana Code 30-4-9-2
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Indiana Code 30-4-9-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Indiana Code 30-4-9-2
- Willful misconduct: means intentional wrongdoing, and not mere negligence, gross negligence, or recklessness. See Indiana Code 30-4-9-2
(1) the breach involved the trustee’s or other director’s willful misconduct;
(2) the release was induced by improper conduct of the trustee or other director in procuring the release; or
(3) at the time of the release, the director did not know the material facts relating to the breach.
(d) A directed trustee that has reasonable doubt about the directed trustee’s duty under this section may petition the court for instructions.
(e) The terms of a trust may impose a duty or liability on a directed trustee in addition to the duties and liabilities under this section.
As added by P.L.221-2019, SEC.10.