Wisconsin Statutes 701.1009 – Beneficiary’s consent, release, or ratification
Current as of: 2023 | Check for updates
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A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless any of the following applies:
Terms Used In Wisconsin Statutes 701.1009
- 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
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1) The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee.
(2) At the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary’s rights or of the material facts relating to the breach.