Several liability of co trustees: each trustee remains liable to the beneficiary for whole loss, with limited contribution rights. Where co-trustees jointly breach trust or one's neglect enables another's breach, each trustee is liable to the beneficiary for the whole loss. Between trustees, a less culpable trustee who has refunded the loss may compel the more culpable trustee (or that trustee's legal representative to the extent of assets received) to make good the loss; if all are equally guilty, a trustee who has refunded may compel contribution. A trustee guilty of fraud cannot sue to compel contribution.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Several liability of co trustees: each trustee remains liable to the beneficiary for whole loss, with limited contribution rights.
Where co-trustees jointly breach trust or one's neglect enables another's breach, each trustee is liable to the beneficiary for the whole loss. Between trustees, a less culpable trustee who has refunded the loss may compel the more culpable trustee (or that trustee's legal representative to the extent of assets received) to make good the loss; if all are equally guilty, a trustee who has refunded may compel contribution. A trustee guilty of fraud cannot sue to compel contribution.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
