§ 15-5-1002 — Damages for breach of trust

(1) In addition to other remedies
provided by this article 5, a trustee who commits a breach of trust is liable to the
beneficiaries affected for the greater of:

(a) The amount required to restore the value of the trust property and trust
distributions to what they would have been had the breach not occurred; or

(b) The profit the trustee made, or the benefit the trustee received, other
than reasonable compensation, by reason of the breach.

(2) Except as otherwise provided in this subsection (2), if more than one
trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to
contribution from the other trustee or trustees. A trustee is not entitled to
contribution if the trustee was substantially more at fault than another trustee or if
the trustee committed the breach of trust in bad faith or with reckless indifference
to the purposes of the trust or the interests of the beneficiaries. A trustee who
received a benefit from the breach of trust is not entitled to contribution from
another trustee to the extent of the benefit received.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1184, � 1, effective January 1, 2019.