Delaware Statutes
§ 3316 — Substituted property; equivalent value; fiduciary duty
Except as otherwise expressly provided by the terms of a governing instrument, if a trustor has a power to substitute property of equivalent value, the fiduciary responsible for investment decisions has a fiduciary duty to determine that the substituted property is of equivalent value prior to allowing the substitution.
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Legislative History
77 Del. Laws, c. 330, § 5 ; 79 Del. Laws, c. 197, § 1