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

Indiana § 30-4-10-47

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 10: Uniform Trust Decanting Act

Text

(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.

Legislative History

As added by P.L.161-2022, SEC.3.