Louisiana Revised Statutes 9:2205 – Liability of co-trustee
Current as of: 2023 | Check for updates
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Terms Used In Louisiana Revised Statutes 9:2205
- 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
- Trustee: A person or institution holding and administering property in trust.
A trustee shall not be liable to a beneficiary for a breach of trust committed by a co-trustee, unless he:
(1) Participates in a breach of trust committed by his co-trustee;
(2) Delegates improperly the administration of the trust to his co-trustee;
(3) Conceals, approves, or acquiesces in a breach of trust committed by his co-trustee;
(4) Enables his co-trustee to commit a breach of trust by his failure to exercise reasonable care in the administration of the trust; or
(5) Neglects to take proper steps to compel his co-trustee to redress a breach of trust.