68-108. POWER OF COURT TO PERMIT DEVIATION OR TO APPROVE TRANSACTIONS INVOLVING CONFLICT OF INTEREST. (a) This act does not effect [affect] the power of a court of competent jurisdiction for cause shown and upon petition of the trustee or affected beneficiary and upon appropriate notice to the affected parties to relieve a trustee from any restrictions on his power that would otherwise be placed upon him by the trust or by this act.
(b) If the duty of the trustee and his individual interest or his interest as trustee of another trust, conflict in the exercise of a trust power, the power may be exercised only by court authorization, except as provided in sections 68-106(c)(1), (4), (6), (18), and (24) upon petition of the trustee. Under this section, personal profit or advantage to an affiliated or subsidiary company or association is personal profit to any corporate trustee.
History:
[68-108, added 1965, ch. 95, sec. 5, p. 173.]