LegalFix
Sign In

Section 3B:31-72 - Damages for breach of trust.

NJ Rev Stat § 3B:31-72 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

3B:31-72 Damages for breach of trust.

3B:31-72. Damages for Breach of Trust.

a. A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:

(1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or

(2) the profit the trustee made by reason of the breach.

b. Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees based on the comparative degree of culpability for the breach. However, a trustee who committed the breach in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries is not entitled to contribution from a trustee who was not guilty of such conduct. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.

L.2015, c.276, s.1.

Previous Section
Section 3B:31-71 - Remedies for breach of trust.
Next Section
Section 3B:31-73 - Damages in absence of breach.