California Statutes
§ 16002. — 16002. (Enacted by Stats. 1990, Ch. 79.)
California·Code PROB Probate Code - PROB·Div. 9. DIVISION 9. TRUST LAW·Part 4. PART 4. TRUST ADMINISTRATION·Ch. 1. CHAPTER 1. Duties of Trustees·Art. 1. ARTICLE 1. Trustee’s Duties in General
(a)The trustee has a duty to administer the trust solely in the interest of the beneficiaries.
(b)It is not a violation of the duty provided in subdivision (a) for a trustee who administers two trusts to sell, exchange, or participate in the sale or exchange of trust property between the trusts, if both of the following requirements are met:
(1)The sale or exchange is fair and reasonable with respect to the beneficiaries of both trusts.
(2)The trustee gives to the beneficiaries of both trusts notice of all material facts related to the sale or exchange that the trustee knows or should know.
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California § 16002. (16002. (Enacted by Stats. 1990, Ch. 79.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Orange Catholic Found. v. Arvizu
239 Cal. Rptr. 3d 60 (California Court of Appeals, 5th District, 2018)
Orange Catholic Foundation v. Arvizu
(California Court of Appeal, 2018)
Legislative History
Enacted by Stats. 1990, Ch. 79.