Indiana § 30-4-10-47 Second-trust instrument; liability of authorized fiduciary

Indiana Statutes

§ 30-4-10-47 — Second-trust instrument; liability of authorized fiduciary

Indiana·Art. 4 TRUST CODE·Ch. 10 Uniform Trust Decanting Act

(a)Except as otherwise provided in this section, a second-trust instrument must not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.

(b)A second trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.

(c)A second-trust instrument must not reduce fiduciary liability in the aggregate.

(d)Subject to subsection (c), a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one (1) or more trustees, distribution advisors, investment advisors, trust pro

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(a) Except as otherwise provided in this
section, a second-trust instrument must not relieve an authorized
fiduciary from liability for breach of trust to a greater extent than the
first-trust instrument.
(b) A second trust instrument may provide for indemnification of an
authorized fiduciary of the first trust or another person acting in a
fiduciary capacity under the first trust for any liability or claim that
would have been payable from the first trust if the decanting power had
not been exercised.
(c) A second-trust instrument must not reduce fiduciary liability in
the aggregate.
(d) Subject to subsection (c), a second-trust instrument may divide
and reallocate fiduciary powers among fiduciaries, including one (1) or
more trustees, distribution advisors, investment advisors, trust
protectors, or other persons, and relieve a fiduciary from liability for an
act or failure to act of another fiduciary as permitted by the laws of this
state other than this chapter.

Indiana § 30-4-10-47 (Second-trust instrument; liability of authorized fiduciary) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.