58a-1002. Damages for breach of trust.
58a-1002
58a-1002. Damages for breach of trust.(a) A trustee whocommits a breach of trust is liable to the beneficiaries affected forthe greater of:
(1) The amount required to restore the value of the trust property andtrustdistributions to what they would have been had the breach not occurred;
(2) the profit the trustee made by reason of the breach; or
(3) if the trustee embezzles or knowingly converts to the trustee'sown use any of thepersonal property of the trust, the trustee shall be liable for double thevalue of the property soembezzled or converted.
(b) Except as otherwise provided in this subsection, if more than onetrustee is liableto the beneficiaries for a breach of trust, a trustee is entitled tocontribution from the other trusteeor trustees. A trustee is not entitled to contribution if the trustee wassubstantially more at fault thananother trustee or if the trustee committed the breach of trust in bad faith orwith recklessindifference to the purposes of the trust or the interests of thebeneficiaries. A trustee who receiveda benefit from the breach of trust is not entitled to contribution from anothertrustee to the extent ofthe benefit received.
(c) The provisions of this section shall not exclude an award of punitivedamages.
History: L. 2002, ch. 133, § 77; Jan. 1, 2003.