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19-3B-1010
Section 19-3B-1010 Limitation on personal liability of trustee. (a) Except as otherwise
provided in the contract, a trustee is not personally liable on a contract properly entered
into in the trustee's fiduciary capacity in the course of administering the trust if the trustee
in the contract disclosed the fiduciary capacity. (b) A trustee is personally liable for torts
committed in the course of administering a trust, or for obligations arising from ownership
or control of trust property, including liability for violation of environmental law, but
only if the trustee, the trustee's employee, or the trustee's agent is personally at fault.
(c) A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity,
on an obligation arising from ownership or control of trust property, or on a tort committed
in the course of administering a trust, may be asserted in a judicial proceeding against the
trustee in the trustee's fiduciary capacity, whether or not the trustee...
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19-3B-1011
Section 19-3B-1011 Interest as general partner. (a) Except as otherwise provided in subsection
(c) or unless personal liability is imposed in the contract, a trustee who holds an
interest as a general partner in a general or limited partnership is not personally liable
on a contract entered into by the partnership after the trust's acquisition of the interest
if the fiduciary capacity was disclosed in the contract or in a statement previously filed
pursuant to Chapter 8A or Chapter 9B of Title 10. (b) Except as otherwise provided in subsection
(c), a trustee who holds an interest as a general partner is not personally liable for torts
committed by the partnership or for obligations arising from ownership or control of the interest
unless the trustee is personally at fault. (c) The immunity provided by this section does
not apply if an interest in the partnership is held by the trustee in a capacity other than
that of trustee or is held by the trustee's spouse or one or more of the...
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26-2A-157
Section 26-2A-157 Personal liability of conservator. (a) Unless otherwise provided in
the contract, a conservator is not personally liable on a contract properly entered into in
fiduciary capacity in the course of administration of the estate unless the conservator fails
to reveal the representative capacity and identify the estate in the contract. (b) The conservator
is personally liable for obligations arising from ownership or control of property of the
estate or for torts committed in the course of administration of the estate only if personally
at fault. (c) Claims based on (i) contracts entered into by a conservator in fiduciary capacity,
(ii) obligations arising from ownership or control of the estate, or (iii) torts committed
in the course of administration of the estate, may be asserted against the estate by proceeding
against the conservator in fiduciary capacity, whether or not the conservator is personally
liable therefor. (d) Any question of liability between the estate...
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30-4-17
governing instrument to a relative of the divorced individual's former spouse; b. provision
in a governing instrument conferring a general or nongeneral power of appointment on the divorced
individual's former spouse or on a relative of the divorced individual's former spouse; and
c. nomination in a governing instrument, nominating a divorced individual's former spouse
or a relative of the divorced individual's former spouse to serve in any fiduciary or representative
capacity, including a personal representative, executor, trustee, conservator, agent,
or guardian; and (2) severs the interests of the former spouses in property held by them at
the time of the divorce or annulment as joint tenants with the right of survivorship transforming
the interests of the former spouses into equal tenancies in common. (c) A severance under
subdivision (2) of subsection (b) does not affect any third-party interest in property acquired
for value and in good faith reliance on an apparent title by...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college
savings alternative under the plan whereby purchasers enter into PACT contracts for the future
payment of tuition and mandatory fees at eligible educational institutions. The PACT Program
includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter.
(b) The official location of the trust fund shall be the State Treasurer's office, and the
facilities of the State Treasurer shall be used and employed in the administration of the
fund including, but without limitation thereto, the keeping of records, the management of
bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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10A-10-1.19
Section 10A-10-1.19 Liability of trustee. (a) Subject to the provisions of subsection (b),
a trustee of a real estate investment trust is not personally liable for the obligations of
the real estate investment trust. (b) If a trustee otherwise would be liable, the provisions
of this subsection do not relieve the trustee from any liability to the trust or its security
holders for any act that constitutes: (1) Bad faith. (2) Willful misfeasance. (3) Gross negligence.
(4) Reckless disregard of the trustee's duties. (c)(1) Except as provided in subdivision (2),
the declaration of trust of a real estate investment trust may include any provision expanding
or limiting the liability of its trustees and officers to the trust or its shareholders for
money damages. (2) The declaration of trust of a real estate investment trust may not include
any provision that restricts or limits the liability of its trustees or officers to the trust
or its shareholders: a. To the extent that it is proven that...
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19-3-11
liability to the trust or otherwise impair the value of the assets held therein; (4) To settle
or compromise at any time any and all claims against the trust or estate which may be asserted
by any governmental body or private party involving the alleged violation of any environmental
law affecting property held in trust or in an estate; (5) To disclaim any power granted by
any document, statute, or rule of law which, in the sole discretion of the fiduciary, may
cause the fiduciary to incur personal liability under any environmental law; (6) To
decline to serve as a fiduciary if the fiduciary reasonably believes that there is or may
be a conflict of interest between the fiduciary in its or his fiduciary capacity and in its
or his individual capacity because of potential claims or liabilities which may be asserted
against the fiduciary on behalf of the trust or estate because of the type or condition of
assets held therein. (b) The fiduciary shall be entitled to charge the cost of any...
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19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in the interests
of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee
as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction involving the
investment or management of trust property entered into by the trustee for the trustee's own
personal account or which is otherwise affected by a conflict between the trustee's
fiduciary and personal interests is voidable by a beneficiary affected by the transaction
unless: (1) the transaction was authorized by the terms of the trust; (2) the transaction
was approved by the court; (3) the beneficiary did not commence a judicial proceeding within
the time allowed by Section 19-3B-1005; (4) the beneficiary consented to the trustee's conduct,
ratified the transaction, or released the trustee in compliance with Section 19-3B-1009; or
(5) the transaction involves a contract entered into or claim acquired by...
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10A-1-1.03
limited liability company or association, a member; and (D) with respect to another foreign
or domestic entity, an owner of an equity interest in that entity. (69) OWNERSHIP INTEREST.
An owner's interest in an entity. The term includes the owner's share of profits and losses
or similar items and the right to receive distributions. The term does not include an owner's
right to participate in management or participate in the direction or oversight of the entity.
An ownership interest is personal property. (70) PARENT or PARENT ENTITY. An entity
that: (A) owns at least 50 percent of the ownership or membership interest of a subsidiary;
or (B) possesses at least 50 percent of the voting power of the owners or members of a subsidiary.
(71) PARTNER. A limited partner or general partner. (72) PARTNERSHIP. Includes a general partnership,
a limited liability partnership, a foreign limited liability partnership, a limited partnership,
a foreign limited partnership, a limited liability...
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26-2A-152
Section 26-2A-152 Powers of conservator in administration. (a) Subject to limitation provided
in Section 26-2A-154, a conservator shall have all of the powers conferred in this section
and any additional powers now or hereafter conferred by law on trustees in this state. In
addition, a conservator of the estate of an unmarried minor as to whom no one has parental
rights, has the powers of a guardian of a minor described in Section 26-2A-78 until the minor
attains the age of 19 years, or the disabilities of nonage have been removed, but the parental
rights so conferred on a conservator do not preclude appointment of a guardian as provided
in Division 1 of this article. (b) A conservator without court authorization or confirmation
may invest and reinvest funds of the estate as would a trustee. (c) A conservator, acting
as a fiduciary in efforts to accomplish the purpose of the appointment, may act without court
authorization or confirmation, to (1) Collect, hold, and retain assets of the...
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