South Carolina Statutes
§ 62-7-1002 — Damages for breach of trust.
(a)A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:
(1)the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or (2) the profit the trustee made by reason of the breach.
(b)Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee wh
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South Carolina § 62-7-1002 (Damages for breach of trust.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Deborah Dereede Living Trust dated December 18, 2013 v. Karp
831 S.E.2d 435 (Court of Appeals of South Carolina, 2019)
Legislative History
HISTORY: 2005 Act No. 66, SECTION 1; 2013 Act No. 100, SECTION 2, eff January 1, 2014.
Nearby Sections
15
§ 62-1-100
Effective date.§ 62-1-101
Short title.§ 62-1-102
Purposes; rules of construction.§ 62-1-104
Severability.§ 62-1-105
Construction against implied repeal.§ 62-1-106
Effect of fraud and evasion.§ 62-1-107
Evidence as to death or status.§ 62-1-108
Acts by holder of general power.§ 62-1-111
Authority to award costs and expenses.§ 62-1-112
Inherent power of court.§ 62-1-201
General definitions.§ 62-1-301
Territorial application.