South Carolina Statutes
§ 59-153-70 — Breach of duty; liability; insurance.
(A)The trustee or other fiduciary who breaches a duty imposed by this chapter is liable personally to the endowment fund for any losses resulting from the breach and any profits resulting from the breach or made by the trustee or other fiduciary through use of assets of the fund by the trustee or other fiduciary. The trustee or other fiduciary is subject to other equitable remedies as the court considers appropriate, including removal.
(B)An agreement that purports to limit the liability of a trustee or other fiduciary for a breach of duty under this chapter is void.
(C)The endowment fund may insure a trustee, fiduciary, or itself against liability or losses occurring because of a breach of duty under this chapter.
(D)A trustee or other fiduciary may insure against personal liability o
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South Carolina § 59-153-70 (Breach of duty; liability; insurance.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1999 Act No. 122, SECTION 2.
Nearby Sections
13
§ 59-153-10
Definitions.§ 59-153-30
Delegation of functions by trustee.§ 59-153-310
State Retirement Systems Investment Panel.§ 59-153-320
Proposal for annual investment plan.§ 59-153-330
Statement of policy and objectives.§ 59-153-60
Compliance by trustee or fiduciary.§ 59-153-70
Breach of duty; liability; insurance.§ 59-153-90
Investment reports.