Alabama § 19-3D-17 Relief from Liability and Indemnification

Alabama Statutes

§ 19-3D-17 — Relief from Liability and Indemnification

Alabama·Title 19 Fiduciaries and Trusts·Ch. 3D Alabama Uniform Trust Decanting Act

(a)Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.

(b)A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.

(c)A second-trust instrument may not reduce fiduciary liability in the aggregate.

(d)Subject to subsection (c), a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protector

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.
(b) A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.
(c) A second-trust instrument may not reduce fiduciary liability in the aggregate.
(d) Subject to subsection (c), a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by laws of this state other than this chapter.

Alabama § 19-3D-17 (Relief from Liability and Indemnification) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.