Title 14A, Title 14A: Trusts

§ 1305. Exclusions (a) As used in this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This chapter does not apply t…

§ 1306. Powers of trust director (a) Subject to section 1307 of this title, the terms of a trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercise …

§ 1307. Limitations on trust director A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under subdivision 1306(b)(1) of this title regarding: (1) a …

§ 1308. Duty and liability of trust director (a) Subject to subsection (b) of this section, with respect to a power of direction or further power under subdivision 1306(b)(1) of this title: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexerc…

§ 1309. Duty and liability of directed trustee (a) Subject to subsection (b) of this section, a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under subdivision 1306(b)(1) of this ti…

§ 1310. Duty to provide information to trust director or trustee (a) Subject to section 1311 of this title, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the po…

§ 1311. No duty to monitor, inform, or advise (a) Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (A) monitor a trust director; or (B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which…

§ 1312. Application to cotrustee The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty…

§ 1313. Limitation of action against trust director (a) An action against a trust director for breach of trust must be commenced within the same limitation period applicable to an action for breach of trust against a trustee in a like position and under similar circumstances. (b)…

§ 1314. Defenses in action against trust director In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. (…

§ 1315. Jurisdiction over trust director (a) By accepting appointment as a trust director of a trust subject to this chapter, the director submits to personal jurisdiction of the courts of this State regarding any matter related to a power or duty of the director. (b) This sectio…

§ 1316. Office of trust director Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) acceptance under section 701 of this title; (2) giving of bond to secure performance under section 702 …

§ 1317. Uniformity of application and construction In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added 2023, No. 104 (Adj. Sess.), § 1, eff. Ma…

§ 1318. Relation to Electronic Signatures in Global and National Commerce Act This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, but does not modify, limit, or supersede Section 101(c) of that Act, 15 U.S.…