Delaware § 3588 Consent, release, ratification, or indemnification in favor of a trustee [For application of this section, see 81 Del. Laws, c. 320, § 8]

Delaware Statutes

§ 3588 — Consent, release, ratification, or indemnification in favor of a trustee [For application of this section, see 81 Del. Laws, c. 320, § 8]

Delaware·Title 12·Part Fiduciary Relations·Ch. 35 TRUSTS·Subch. Liability of Trustees and Rights of Persons Dealing With Trustee

(a)A person may not hold a trustee liable for a breach of trust or other claim if the person consented to the conduct constituting the breach or other claim, released the trustee from liability for the breach or other claim, or ratified the transaction constituting the breach or other claim, unless:

(1)The consent, release or ratification of the person was induced by improper conduct of the trustee; or

(2)At the time of the consent, release or ratification, the person did not know of: a. The person's rights; or b. Material facts the trustee knew or should have known with the exercise of reasonable inquiry.

(b)A consent, release, ratification, or indemnification in favor of a trustee need not be supported by consideration.

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(a) A person may not hold a trustee liable for a breach of trust or other claim if the person consented to the conduct constituting the breach or other claim, released the trustee from liability for the breach or other claim, or ratified the transaction constituting the breach or other claim, unless:

(1) The consent, release or ratification of the person was induced by improper conduct of the trustee; or

(2) At the time of the consent, release or ratification, the person did not know of:

a. The person's rights; or

b. Material facts the trustee knew or should have known with the exercise of reasonable inquiry.

(b) A consent, release, ratification, or indemnification in favor of a trustee need not be supported by consideration.

Delaware § 3588 (Consent, release, ratification, or indemnification in favor of a trustee [For application of this section, see 81 Del. Laws, c. 320, § 8]) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.