72-40-112. Duty and liability of trust director. (1) Subject to subsection (2), with respect to a power of direction or further power under 72-40-110(2)(a):
(a) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
(i) if the power is held individually, as a sole trustee in a like position and under similar circumstances; or
(ii) if the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and
(b) the terms of the trust may vary the director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.
(2) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwi or permitted by law other than this part to provide health care in the ordinary course of the director's business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this part.
(3) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.
History: En. Sec. 8, Ch. 325, L. 2021.