§ 13-23-13-15 — Limits on liability of fiduciaries

(a) The liability of a fiduciary under this
title for the release or threatened release of a hazardous substance at,
from, or in connection with an underground storage tank or
aboveground storage tank held in a fiduciary capacity shall not exceed
the assets held in the fiduciary capacity.
(b) Subsection (a) does not apply to the extent that a person is liable
under this title independently of the person's ownership of an
underground storage tank or aboveground storage tank as a fiduciary
or actions taken in a fiduciary capacity.
(c) Subsections (a) and (d) do not limit the liability pertaining to a
release or threatened release of a hazardous substance if negligence of
a fiduciary causes or contributes to the release or threatened release.
(d) A fiduciary is not liable in its personal capacity under this title
for any of the following:
(1) Undertaking or directing another person to undertake a
response action under 42 U.S.C. 9607(d)(1) or under the direction
of an on-scene coordinator designated under the National
Contingency Plan.
(2) Undertaking or directing another person to undertake other
lawful means of addressing a hazardous substance in connection
with the underground storage tank or aboveground storage tank.
(3) Terminating the fiduciary relationship.
(4) Including in the terms of the fiduciary agreement a covenant,
warranty, or other term or condition that relates to compliance
with an environmental law, or monitoring, modifying, or
enforcing the term or condition.
(5) Monitoring or undertaking at least one (1) inspection of the
underground storage tank or aboveground storage tank.
(6) Providing financial advice or other advice or counseling to
other parties to the fiduciary relationship, including the settlor or
beneficiary.
(7) Restructuring, renegotiating, or otherwise altering the terms
and conditions of the fiduciary relationship.
(8) Administering, as a fiduciary, an underground storage tank or
aboveground storage tank that was contaminated before the
fiduciary relationship began.
(9) Declining to take any of the actions referred to in subdivisions
(2) through (8).
(e) This section does not apply to a person if the person:
(1) acts in a capacity other than:
(A) a fiduciary capacity; or
(B) a beneficiary capacity;
and, in that capacity, directly or indirectly benefits from a trust or
fiduciary relationship; or
(2) is a beneficiary and a fiduciary with respect to the same
fiduciary estate and, as a fiduciary, receives benefits that exceed
customary or reasonable compensation and incidental benefits
permitted under other applicable law.
(f) This section does not preclude a claim against the assets of the
estate or trust administered by:
(1) the fiduciary; or
(2) a nonemployee agent or independent contractor retained by a
fiduciary.
(g) This section does not:
(1) affect the rights, immunities, or other defenses that are
available under:
(A) this title; or
(B) other law that is applicable to a person subject to this
chapter; or
(2) create:
(A) any liability for a person; or
(B) a private right of action against a fiduciary or any other
person.

Legislative History

As added by P.L.90-1998, SEC.21. Amended by P.L.176-2023, SEC.60.