Title 9, Civil Code-Ancillaries
0 chapters · 2,355 sections in this title.
La. Rev. Stat. § 9:2082 Administration in interest of beneficiary; duty of impartiality
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§2082. Administration in interest of beneficiary; duty of impartiality A. A trustee shall administer the trust solely in the interest of the beneficiary. B. When there is more than one beneficiary, a trustee shall administer the trust impartially, based on what is fair and reason…
La. Rev. Stat. § 9:2083 Dealing on own account
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§2083. Dealing on own account A trustee in dealing with a beneficiary on the trustee's own account shall deal fairly with him and communicate to him all material facts in connection with the transaction that the trustee knows or should know.
La. Rev. Stat. § 9:2084 Loan by trustee to himself
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§2084. Loan by trustee to himself A corporate trustee shall not lend trust funds to itself or an affiliate, or to a director, an officer or an employee of itself or of an affiliate, unless the trust instrument provides otherwise. An individual trustee shall not lend funds to hims…
La. Rev. Stat. § 9:2085 Sale by trustee to himself
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§2085. Sale by trustee to himself A. A corporate trustee shall not directly or indirectly buy or sell property for the trust from or to itself or an affiliate, or from or to a director, officer, or an employee of itself or an affiliate, unless the trust instrument provides otherw…
La. Rev. Stat. § 9:2086 Self-dealing by corporate trustee
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§2086. Self-dealing by corporate trustee A. A corporate trustee shall not purchase for a trust shares of its own stock, or its bonds or other securities, or the stock, bonds, or other securities of an affiliate, unless the trust instrument provides otherwise; but the trustee may …
La. Rev. Stat. § 9:2087 Delegating performance
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§2087. Delegating performance A. Except as otherwise provided in this Section, a trustee shall not delegate the performance of his duties. B.(1) A trustee may, by power of attorney, delegate the performance of acts that he could not reasonably be required to perform personally an…
La. Rev. Stat. § 9:2088 Accounting
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§2088. Accounting A. A trustee is under a duty to a beneficiary to keep and render clear and accurate accounts of the administration of the trust. If the trust is revocable, the trustee has a duty to account to the settlor only. B. A trustee shall render to a beneficiary or his l…
La. Rev. Stat. § 9:2089 Furnishing of information
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§2089. Furnishing of information A trustee shall give to a beneficiary upon his request at reasonable times complete and accurate information as to the nature and amount of the trust property, and permit him, or a person duly authorized by him, to inspect the subject matter of th…
La. Rev. Stat. § 9:2090 Prudent administration
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§2090. Prudent administration A. A trustee shall administer the trust as a prudent person would administer it. In satisfying this standard, the trustee shall exercise reasonable care and skill, considering the purposes, terms, distribution requirements, and other circumstances of…
La. Rev. Stat. § 9:2091 Control and preservation of trust property
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§2091. Control and preservation of trust property A trustee is under a duty to a beneficiary to take reasonable steps to take, keep control of, and preserve the trust property.
La. Rev. Stat. § 9:2092 Recordation of instruments
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§2092. Recordation of instruments A. If at any time the trust property of either an inter vivos trust or a testamentary trust includes immovables or other property the title to which must be recorded in order to affect third persons, a trustee shall file the trust instrument, an …
La. Rev. Stat. § 9:2093 Defense of actions
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§2093. Defense of actions A trustee shall defend actions that may result in a loss to the trust estate, unless under all the circumstances it is reasonable not to make a defense.
La. Rev. Stat. § 9:2094 Separation of trust property
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§2094. Separation of trust property A trustee shall keep the trust property separate from his individual property, and, so far as reasonable, keep it separate from other property not subject to the trust, and see that the property is designated as property of the trust, unless th…
La. Rev. Stat. § 9:2095 Bank deposits
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§2095. Bank deposits Although a trustee can properly make a general deposit of trust money in a bank, he shall use reasonable care in selecting the bank and properly earmark the deposit as a deposit of trust funds by him as trustee, unless the trust instrument provides otherwise.…
La. Rev. Stat. § 9:2096 Co-trustees
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§2096. Co-trustees If two or more trustees have the same powers, each shall participate in the administration of the trust and use reasonable care to prevent a co-trustee from committing a breach of trust and shall compel him to redress a breach of trust. Acts 2015, No. 219, §1.…
La. Rev. Stat. § 9:2097 Serving as officer of legal entity in which trust funds invested
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§2097. Serving as officer of legal entity in which trust funds invested A. No trustee of any trust created under the laws of this state shall serve as an officer, including without limitation the president, vice president, secretary, treasurer, manager, or managing partner of any…
La. Rev. Stat. § 9:211 Relations of the fourth degree
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§211. Relations of the fourth degree Notwithstanding the provisions of Civil Code Article 90, marriages between collaterals within the fourth degree, fifty-five years of age or older, which were entered into on or before December 31, 1992, shall be considered legal and the enactm…
La. Rev. Stat. § 9:2111 Extent of powers
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§2111. Extent of powers Except as stated in R.S. 9:2061 through 9:2066, a trustee shall exercise only those powers conferred upon him by the provisions of the trust instrument or necessary or appropriate to carry out the purposes of the trust and are not forbidden by the provisio…
La. Rev. Stat. § 9:2112 Attachment of powers to office
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§2112. Attachment of powers to office All powers of a trustee shall be attached to the office and shall not be personal, unless it is otherwise provided by the trust instrument or by order of the proper court.
La. Rev. Stat. § 9:2113 Exercise of powers by two trustees
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§2113. Exercise of powers by two trustees If there are two trustees, the powers conferred upon them shall be exercised only by both of them, unless it is otherwise provided by the trust instrument or by order of the proper court.
La. Rev. Stat. § 9:2114 Three or more trustees; exercise of powers
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§2114. Three or more trustees; exercise of powers A power vested in three or more trustees may be exercised by a majority of the trustees, unless the trust instrument provides otherwise. A trustee who has not joined in exercising a power shall not be liable to the beneficiaries o…
La. Rev. Stat. § 9:2114.1 Allocation of different powers to different trustees
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§2114.1. Allocation of different powers to different trustees A trust instrument may confer different powers upon different trustees, in which case each trustee acts independently with respect to those powers conferred upon him. As to powers not conferred upon him, he shall have …
La. Rev. Stat. § 9:2115 Control of discretionary powers
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§2115. Control of discretionary powers If discretion is conferred upon a trustee with respect to the exercise of a power, its exercise shall not be subject to control by the court, except to prevent an abuse of discretion by a trustee.
La. Rev. Stat. § 9:2116 Repealed by Acts 2001, No
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§2116. Repealed by Acts 2001, No. 520, §5.
La. Rev. Stat. § 9:2117 Expenses that may be incurred
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§2117. Expenses that may be incurred A trustee may incur expenses necessary to carry out the purposes of the trust and not forbidden by the provisions of the trust instrument, and other expenses authorized by the provisions of the trust instrument.
La. Rev. Stat. § 9:2118 Lease of trust property
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§2118. Lease of trust property Unless the trust instrument provides otherwise, a trustee may enter into leases of trust property, including oil, gas, and mineral leases, either as lessor or lessee, for such periods and with such provisions as are reasonable, whether or not the te…
La. Rev. Stat. § 9:2119 Sale of trust property
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§2119. Sale of trust property A trustee may sell trust property unless the sale is forbidden in specific words by the trust instrument or unless it appears from the provisions of the trust instrument that the property is to be retained in kind. A settlor by the provisions of the …
La. Rev. Stat. § 9:212 REPEALED BY ACTS 1991, NO
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§212. REPEALED BY ACTS 1991, NO. 235, §17, EFF. JAN. 1, 1992.
La. Rev. Stat. § 9:2120 Mortgage or pledge; borrowing
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§2120. Mortgage or pledge; borrowing A trustee may mortgage or pledge trust property, or borrow money on the credit of the trust estate and charge the trust estate therefor, unless the trust instrument provides otherwise.
La. Rev. Stat. § 9:2121 Compromise, arbitration, and abandonment of claims
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§2121. Compromise, arbitration, and abandonment of claims A trustee may compromise, submit to arbitration, or abandon claims affecting the trust property.
La. Rev. Stat. § 9:2122 Powers with respect to shares of stock
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§2122. Powers with respect to shares of stock A trustee may exercise all powers of holders of shares of stock or other securities, including the right to vote in person or by proxy.
La. Rev. Stat. § 9:2123 Stock subscription; incorporator; organizer; partnership; joint venture; limited liability company; other legal entities
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§2123. Stock subscription; incorporator; organizer; partnership; joint venture; limited liability company; other legal entities A trustee may acquire and subscribe for corporate shares, act as an incorporator or organizer, or become a member of a partnership, joint venture, limit…
La. Rev. Stat. § 9:2124 Holding stock in name of nominee
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§2124. Holding stock in name of nominee A trustee owning stock may hold it in the name of a nominee, without mention of the trust in the stock certificate or stock registration book, provided that the trust records and all reports or accounts rendered by a trustee clearly show th…
La. Rev. Stat. § 9:2125 Contractual liability of trust
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§2125. Contractual liability of trust A. If a trustee makes a contract that is within his powers as trustee, or if a predecessor trustee has made such a contract, and if a cause of action arises thereon, the party in whose favor the cause of action has accrued may sue the trustee…
La. Rev. Stat. § 9:2126 Tort liability of trust
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§2126. Tort liability of trust A. If a trustee or his predecessor has incurred personal liability for a tort committed in the course of administration, the trustee in his representative capacity may be sued and collection had from the trust property, if the court determines in su…
La. Rev. Stat. § 9:2127 Standard of care in investing and management
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§2127. Standard of care in investing and management Unless the trust instrument provides otherwise, a trustee shall invest and manage trust property as a prudent investor. In satisfying this standard, the trustee shall consider the purposes, terms, distribution requirements, and …
La. Rev. Stat. § 9:2128 Common trust funds
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§2128. Common trust funds A. A trustee may establish common trust funds for the investment of trust funds of which he is trustee or cotrustee and may invest in such common trust funds, if such investment is not prohibited by the trust instrument, and if the trustee procures the c…
La. Rev. Stat. § 9:2129 Corporate trustees; deposit of securities in clearing corporation
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§2129. Corporate trustees; deposit of securities in clearing corporation A. Unless the trust instrument provides otherwise, a corporate trustee may deposit or arrange for deposit in a clearing corporation securities held by it as fiduciary or as agent for a fiduciary or nonfiduci…
La. Rev. Stat. § 9:213 REPEALED BY ACTS 1991, NO
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§213. REPEALED BY ACTS 1991, NO. 235, §17, EFF. JAN. 1, 1992.
La. Rev. Stat. § 9:2130 Transfer of fiduciary accounts
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§2130. Transfer of fiduciary accounts A. Notwithstanding any other provision of this Chapter to the contrary, any two or more banks authorized to exercise fiduciary powers may enter into an agreement under which a bank domiciled in the state of Louisiana is substituted as fiducia…
La. Rev. Stat. § 9:2131 Distributions
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§2131. Distributions A trustee may make a distribution of trust property in full ownership or undivided interests, prorata or non-prorata, after taking into account the values and tax attributes of the trust property. Acts 2003, No. 480, §1.
La. Rev. Stat. § 9:214 REPEALED BY ACTS 1991, NO
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§214. REPEALED BY ACTS 1991, NO. 235, §17, EFF. JAN. 1, 1992.
La. Rev. Stat. § 9:2141 General rule
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§2141. General rule A trust shall be administered with due regard to the respective interests of the beneficiaries in the allocation of receipts and expenses. Amended by Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
La. Rev. Stat. § 9:2142 Allocation to beneficiaries of income and principal
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§2142. Allocation to beneficiaries of income and principal A trust receipt or expense shall be allocated to income or principal or partly to each: (1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding cont…
La. Rev. Stat. § 9:2143 Allocation to beneficiaries of usufruct and naked ownership
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§2143. Allocation to beneficiaries of usufruct and naked ownership A trust is administered with due regard to the respective interests of beneficiaries of usufruct and naked ownership in the allocation of receipts and expenses to the beneficiary of usufruct or the beneficiary of …
La. Rev. Stat. § 9:2144 Income and principal distinguished
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§2144. Income and principal distinguished Receipts paid or delivered in return for the use of property forming a part of principal are income, unless this Subpart expressly provides to the contrary. Receipts paid or delivered in consideration for the sale or other transfer of pro…
La. Rev. Stat. § 9:2145 When right to income arises
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§2145. When right to income arises The right of an income beneficiary to income from property in trust arises at the time prescribed in the trust instrument, or, if no time is prescribed and the person receiving the right to income is the first income beneficiary to receive a rig…
La. Rev. Stat. § 9:2146 Apportionment of receipts when right to income arises
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§2146. Apportionment of receipts when right to income arises A. In the administration of property transferred in trust: (1) Receipts due but not paid when the right of the first income beneficiary to receive income from the property arises shall be treated as accruing when due. (…
La. Rev. Stat. § 9:2147 Apportionment of receipts when right to income ceases
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§2147. Apportionment of receipts when right to income ceases Upon the termination of an income interest, the income beneficiary whose interest is terminated, or his heirs, legatees, or assignees, is entitled to receive any required distributions of or from the following: (1) Inco…
La. Rev. Stat. § 9:2148 Succession receipts and expenses
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§2148. Succession receipts and expenses Succession receipts and expenses shall be allocated to a legacy in trust in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal. Acts 2020, No. 17, …