Maine § 18-B §1216 Relief from liability and indemnification

Maine Statutes

§ 18-B §1216 — Relief from liability and indemnification

Maine·Title 18-B TRUSTS·Part 1 MAINE UNIFORM TRUST CODE·Ch. 12 MAINE UNIFORM TRUST DECANTING ACT

1.Liability for breach of trust. Except as otherwise provided in this section, a 2nd-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument does.

2.Indemnification for claim otherwise payable. A 2nd-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.

3.No reduction in liability in aggregate. A 2nd-trust instrument may not reduce fiduciary liability in the aggregate.

4.Division and reallocation of fiduciary powers; relief from fiduciary liability. Subject to subsect

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1.
Liability for breach of trust.
Except as otherwise provided in this section, a 2nd-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument does.
2.
Indemnification for claim otherwise payable.
A 2nd-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.
3.
No reduction in liability in aggregate.
A 2nd-trust instrument may not reduce fiduciary liability in the aggregate.
4.
Division and reallocation of fiduciary powers; relief from fiduciary liability.
Subject to subsection 3, a 2nd-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one 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 a law of this State other than this Act.

Maine § 18-B §1216 (Relief from liability and indemnification) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.