§2110. Duty to provide information to trust director or trustee

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE 1/1/20 by T. 18-B, §2119)

1.  Trustee's duty to provide information.  Subject to section 2111, a trustee shall provide information to a trust director to the extent the information is reasonably related to both:

A. The powers or duties of the trustee; and   [PL 2019, c. 301, §8 (NEW).]

B. The powers or duties of the director.   [PL 2019, c. 301, §8 (NEW).]

[PL 2019, c. 301, §8 (NEW).]

2.  Trust director's duty to provide information.  Subject to section 2111, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related to both:

A. The powers or duties of the director; and   [PL 2019, c. 301, §8 (NEW).]

B. The powers or duties of the trustee or other director.   [PL 2019, c. 301, §8 (NEW).]

[PL 2019, c. 301, §8 (NEW).]

3.  Trustee acts in reliance.  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 so acting the trustee engages in willful misconduct.

[PL 2019, c. 301, §8 (NEW).]

4.  Trust director acts in reliance.  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 so acting the trust director engages in willful misconduct.

[PL 2019, c. 301, §8 (NEW).]

SECTION HISTORY

PL 2019, c. 301, §8 (NEW).