Vermont Statutes Title 14 Sec. 1105
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Terms Used In Vermont Statutes Title 14 Sec. 1105
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
§ 1105. Fiduciary‘s liability for action or inaction of trustee, trust advisor, and trust protector
An excluded fiduciary is not liable for:
(1) any loss resulting from any action or inaction of a trustee, trust advisor, or trust protector; or
(2) any loss that results from the failure of a trustee, trust advisor, or trust protector to take any action proposed by the excluded fiduciary where such action requires the authorization of the trustee, trust advisor, or trust protector, provided that an excluded fiduciary who had a duty to propose such action timely sought but failed to obtain the authorization. (Added 2009, No. 20, § 1.)