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30-4-3-20. Liability of beneficiary

IN Code § 30-4-3-20 (2019) (N/A)
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Sec. 20. (Liability of Beneficiary)

(a) A beneficiary is liable for loss to the trust estate if he has:

(1) misappropriated or otherwise wrongfully dealt with the trust property;

(2) expressly consented to, participated in or agreed with the trustee to be liable for a breach of trust committed by the trustee;

(3) failed to repay an advance or loan of trust funds;

(4) failed to repay a distribution or disbursement from the trust estate in excess of that to which he is entitled; or

(5) breached a contract to pay money or deliver property to the trustee to be held by the trustee as part of the trust estate.

(b) Unless the terms of the trust provide otherwise a beneficiary of a trust is liable to the extent of his interest in the trust estate for the amount of any debt owed the trust estate by him.

Formerly: Acts 1971, P.L.416, SEC.4.

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