Kansas Statutes 9-2318. Indemnification of trust advisor; exceptions
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 9-2318
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
An instrument may relieve and indemnify a trust advisor and a fiduciary financial institution that serves as trustee of a fidfin trust or alternative asset custody account from liability for a breach of fiduciary duty. Any such provision is unenforceable to the extent that it relieves the trust advisor or fiduciary financial institution from liability for a breach of fiduciary duty committed:
(a) In bad faith;
(b) intentionally; or
(c) with reckless indifference to the interest of a beneficiary.