4-10-1002. Damages for breach of trust.
(a) A fiduciary who commits a breach of trust is liable to the beneficiaries affected for the greater of:
(i) 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
(ii) The profit the fiduciary made by reason of the breach.
(b) Except as otherwise provided in this subsection, if more than one (1) fiduciary is liable to the beneficiaries for a breach of trust, a fiduciary is entitled to contribution from the other fiduciary or fiduciaries. A fiduciary is not entitled to contribution if the fiduciary was substantially more at fault than another fiduciary or if the fiduciary committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A fiduciary who received a benefit from the breach of trust is not entitled to contribution from another fiduciary to the extent of the benefit received.
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