§ 11-A-1.3 — Fiduciary duties; general principles

New York § 11-A-1.3

• Jurisdiction: New York
• Law EPT: Estates, Powers & Trusts
• Part 1: Definitions and Fiduciary Duties
• Art. 11-A: Uniform Principal and Income Act

Text

§ 11-A-1.3 Fiduciary duties; general principles\n (a) In allocating receipts and disbursements to or between principal\nand income, and with respect to any matter within the scope of parts 2\nand 3, a fiduciary:\n (1) shall administer a trust or estate in accordance with the terms of\nthe trust or the will, even if there is a different provision in this\narticle;\n (2) may administer a trust or estate by the exercise of a\ndiscretionary power of administration given to the fiduciary by the\nterms of the trust or the will, even if the exercise of the power\nproduces a result different from a result required or permitted by this\narticle;\n (3) shall administer a trust or estate in accordance with this article\nif the terms of the trust or the will do not contain a different\nprovision or do not give the fiduciary a discretionary power of\nadministration; and\n (4) shall add a receipt or charge a disbursement to principal to the\nextent that the terms of the trust or the will and this article do not\nprovide a rule for allocating the receipt or disbursement to or between\nprincipal and income.\n (b) In exercising a discretionary power of administration regarding a\nmatter within the scope of this article, whether granted by the terms of\na trust, a will, or this article, a fiduciary shall administer a trust\nor estate impartially, based on what is fair and reasonable to all of\nthe beneficiaries, except to the extent that the terms of the trust or\nthe will clearly manifest an intention that the fiduciary shall or may\nfavor one or more of the beneficiaries. A determination in accordance\nwith this article is presumed to be fair and reasonable to all of the\nbeneficiaries.\n