Duty to provide information to trust director or trustee.
Checkout our iOS App for a better way to browser and research.
(1) Subject to Section 75-12-111, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:
(a) the powers or duties of the trustee; and
(b) the powers or duties of the director.
(2) Subject to Section 75-12-111, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both to:
(a) the powers or duties of the director; and
(b) the powers or duties of the trustee or other director.
(3) A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless, by acting, the trustee engages in willful misconduct.
(4) A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless, by acting, the trust director engages in willful misconduct.