Nebraska Statutes 30-4311. (UDTA 11) No duty to monitor, inform, or advise
(UDTA 11) (a) Unless the terms of a trust provide otherwise:
Terms Used In Nebraska Statutes 30-4311
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- 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.
(1) a trustee does not have a duty to:
(A) monitor a trust director; or
(B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and
(2) by taking an action described in subdivision (a)(1) of this section, a trustee does not assume the duty excluded by such subdivision.
(b) Unless the terms of a trust provide otherwise:
(1) a trust director does not have a duty to:
(A) monitor a trustee or another trust director; or
(B) inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(2) by taking an action described in subdivision (b)(1) of this section, a trust director does not assume the duty excluded by such subdivision.