Title 12, Decedents’ Estates and Fiduciary Relations

§ 2910. Right of reimbursement [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability]. (a) A person required under § 2909 of this title to pay an estate tax greater than the amount due from the person under § 2903 or § 2904 of this title has a right to re…

§ 2911. Jurisdiction of Court of Chancery; action to determine or enforce chapter [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability]. (a) The Court of Chancery has jurisdiction and all power necessary to make the prorations and the orders directing th…

§ 2912. Uniformity of application and construction [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability]. In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter…

§ 2913. Severability [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability]. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this…

§ 2914. Delayed application [Effective Jan. 1, 2014, but see this section for future applicability]. (a) Sections 2903 through 2907 of this title do not apply to the estate of a decedent who dies on or within 3 years after the effective date of this chapter, nor to the estate of …

§ 2915. Effective date [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability]. This chapter takes effect for decedents dying on or after January 1, 2014.79 Del. Laws, c. 159, § 1;

§ 3101. Action at law. (a) An action at law may be maintained against an executor or administrator for a legacy or distributive share that is due. Assets in the executor’s or administrator’s hands to pay a legacy shall create a legal liability and raise a consequent promise to pa…

§ 3102. Action by infant legatee. An infant legatee may sue for the legacy by guardian or next friend, as in other cases.Code 1852, § 2593; Code 1915, § 4521; Code 1935, § 4975; 12 Del. C. 1953, § 3102; 70 Del Laws, c. 186,, § 1;

§ 3103. Appointment of auditors; duties. If the defense to an action for a legacy is insufficient assets to pay all the debts and legacies, the court shall appoint auditors to examine the accounts of the executor or administrator with the will annexed. The auditors, after full he…

§ 3104. Exceptions to auditors’ report. Exceptions may be taken by either of the parties to the report of auditors and thereupon the court, upon hearing the exceptions, may correct any errors in such report.Code 1852, § 2596; Code 1915, § 4524; Code 1935, § 4978; 12 Del. C. 1953,…

§ 3105. Judgment and execution. If, upon proceedings under this subchapter, the assets are found insufficient to pay all the debts and legacies of the testator, execution shall be awarded only for such proportion of the assets as may be properly applicable to the plaintiff’s lega…

§ 3106. Costs; liability of personal representative therefor. The court shall exercise equitable powers in respect to costs. In case of inexcusable neglect or delay on the part of the executor or administrator to pay the legacy demanded or a proportional part thereof the court ma…

§ 3107. Security to refund legacy. The court shall exercise equitable powers in requiring the plaintiff to give security to refund the legacy or any part thereof and also in respect to the delivery and acceptance of a specific legacy.Code 1852, § 2599; Code 1915, § 4527; Code 193…

§ 3121. Consequences of instituting suit without presenting claim. If in an action against an executor or administrator for a debt against the decedent the affidavit required by § 2104 of this title is not produced by the plaintiff, the action shall, upon motion, be dismissed and…

§ 3122. Process; default judgment and proceedings thereon. In an action against an executor or administrator the first process shall be a summons. If the defendant, being summoned, does not appear, judgment by default shall be entered against the defendant and upon such judgment …

§ 3123. Effect of judgment against executor or administrator. (a) The effect of judgments against executors or administrators, on the report of referees, as to the question of assets and the lien of such judgments on the real estate of the deceased shall be as provided by Chapter…

§ 3124. Costs; allowance in account. Costs shall be awarded to and against executors and administrators in like manner as other parties, but costs awarded against them shall not be allowed in their accounts, unless the court shall certify the propriety of such allowance or there …

§ 3125. Suit for specific performance of decedent’s contract for sale of real estate; proof and recording of contract; effect of deed. (a) Before suit shall be brought against an executor or administrator upon a written contract of the decedent under seal or under hand and attest…

§ 3301. Application of chapter; definitions [For application of this section, see 79 Del. Laws, c. 172, § 6]. (a) This chapter shall govern fiduciaries, as well as agents in certain instances, now or hereafter acting under governing instruments. Except as otherwise specified with…

§ 3302. Degree of care; authorized investments [For application of this section, see 79 Del. Laws, c. 172, § 6]. (a) When investing, reinvesting, purchasing, acquiring, exchanging, retaining, selling and managing property for the benefit of another, a fiduciary shall act with the…

§ 3303. Effect of provisions of instrument [For application of this section, see 79 Del. Laws, c. 172, § 6]. (a) Notwithstanding any other provision of this Code or other law, the terms of a governing instrument may expand, restrict, eliminate, or otherwise vary any laws of gener…

§ 3304. Retention by fiduciary of decedent’s or settlor’s investments. Unless expressly provided otherwise in any instrument specified in § 3303 of this title, any provisions in any such instrument prescribing, defining or limiting the kind of property in which the funds of the t…

§ 3305. Retention by bank or trust company acting as a fiduciary of its own stock. Unless expressly provided otherwise in any instrument specified in § 3303 of this title, a bank or trust company acting as a fiduciary and authorized so to act may retain in a trust estate shares o…

§ 3306. Deviation from terms of instrument. Subject to the provisions of § 3303 of this title, nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit fiduciaries to deviate from the terms of any will, agreement or…

§ 3307. Common fund investments by bank or trust company; regulations. (a) A bank or trust company authorized to act in a fiduciary capacity or in the capacity of agent with investment discretion, and acting in such capacity, may invest funds held by it for investment in fraction…

§ 3308. Power of bank or trust company acting as a fiduciary to purchase property held by its commercial or banking department. (a) A bank or trust company shall not purchase, with funds held by it as a fiduciary, any property held by its commercial or banking department, but thi…

§ 3309. Identification of securities. (a) Except as otherwise provided by the terms of the governing instrument, all securities in a fiduciary estate, whether held by the fiduciary or an agent for the fiduciary, shall be held in such manner that the fiduciary’s name and the fiduc…

§ 3310. Storage of securities. (a) Except as otherwise provided by the terms of the governing instrument, all securities in a fiduciary estate, whether held by the fiduciary or an agent for the fiduciary, shall be stored separately from any other securities, except as provided he…

§ 3311. Deposit of securities in clearing corporation. (a) Except as otherwise provided by the terms of the governing instrument, a bank or trust company may deposit or arrange for the deposit of in a clearing corporation securities held by it as fiduciary or as agent for a fiduc…

§ 3312. Investments in affiliated investments; transactions with affiliates [For application of this section, see 80 Del. Laws, c. 153, § 5]. (a) As used in this section: (1) “Affiliate” means any corporation or other entity that directly or indirectly through 1 or more intermedi…

§ 3313. Advisers [For application of this section, see 80 Del. Laws, c. 153, § 5]. (a) Where 1 or more persons are given authority by the terms of a governing instrument to direct, consent to or disapprove a fiduciary’s actual or proposed investment decisions, distribution decisi…

§ 3313A. Excluded cotrustee. (a) If the terms of a governing instrument confer upon a cotrustee, to the exclusion of another cotrustee, the power to take certain actions with respect to the trust, including the power to direct or prevent certain actions of the trustees, the duty …

§ 3314. Limitation on certain fiduciary powers. (a) This section shall apply to: (1) Any trust created under a governing instrument that, but for this section, would permit any of the powers described in subsection (c) of this section to be exercised by the fiduciary unless the g…

§ 3315. Trustee’s exercise of discretion; review by court; discretionary interests. (a) Where discretion is conferred upon the fiduciary with respect to the exercise of a power, its exercise by the fiduciary shall be considered to be proper unless the court determines that the di…

§ 3316. Substituted property; equivalent value; fiduciary duty. Except as otherwise expressly provided by the terms of a governing instrument, if a trustor has a power to substitute property of equivalent value, the fiduciary responsible for investment decisions has a fiduciary d…

§ 3317. Cofiduciaries and co-nonfiduciaries; duty to keep informed. Except as otherwise provided in a governing instrument, each trust fiduciary (including trustees, advisers, protectors, and other fiduciaries), and each trust nonfiduciary, has a duty upon request to keep all of …

§ 3321. Applicability of chapter; definitions. Repealed 76 Del. Laws, c. 254, § 8.

§ 3322. Fiduciary agency contracts; delegation. (a) A fiduciary may appoint agents to assist in the performance of the fiduciary’s duties, pay such agents from the fiduciary fund and delegate investment, management, or other fiduciary duties to any such agent, including an agent …

§ 3323. Cofiduciaries and co-nonfiduciaries. (a) Unless provided otherwise by the governing instrument, the following applies: (1) Any power vested in 2 fiduciaries or nonfiduciaries by the governing instrument or by law must be exercised by both of the fiduciaries or nonfiduciar…

§ 3324. General powers of trustee. (a) A trustee, without authorization by the court, may exercise: (1) Powers conferred by the terms of the trust; and (2) Except as limited by the terms of the trust, any other powers conferred by this chapter. (b) Except as modified by the terms…

§ 3325. Specific powers of trustee [For application of this section, see 79 Del. Laws, c. 172, § 6; 80 Del. Laws, c. 153, § 5]. Without limiting the authority conferred by § 3324 of this title, a trustee may: (1) Collect trust property and accept or decline additions to the trust…

§ 3326. Resignation of an officeholder. (a) For purposes of this section and §§ 3327 and 3327A of this title, “officeholder” includes all of the following: (1) A trustee; (2) An “adviser,” as defined in § 3313 of this title. (3) A “designated representative,” as defined in § 3339…

§ 3327. Removal of an officeholder. If a governing instrument expressly permits an officeholder (as defined in § 3326 of this title) to be removed, the officeholder may be removed in accordance with the terms of the governing instrument. In addition, the Court of Chancery may rem…

§ 3327A. Appointment of an officeholder [For application of this section, see 79 Del. Laws, c. 172, § 6]. (a) If a trust’s governing instrument does not include a provision that effectively can be used to appoint a successor officeholder, an officeholder or successor officeholder…

§ 3328. Limitation on personal liability of fiduciary. (a) Except as otherwise provided in the contract, a fiduciary is not personally liable on a contract properly entered into in a fiduciary capacity if the fiduciary in the contract discloses the fiduciary capacity. (b) The deb…

§ 3329. Effect of no-contest provision. (a) A provision of a will or trust that if given effect would reduce or eliminate the interest of any beneficiary of such will or trust who initiates or participates in an action to contest the validity of such will or trust or to set aside…