LegalFix
Sign In

Section 4-10-1008 - Exculpation of Fiduciaries.

WY Stat § 4-10-1008 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

4-10-1008. Exculpation of fiduciaries.

(a) A term of a trust relieving a fiduciary of liability for breach of trust is unenforceable to the extent that it:

(i) Relieves the fiduciary of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or

(ii) Was inserted as the result of an abuse by the fiduciary of a fiduciary or confidential relationship to the settlor.

(b) An exculpatory term drafted or caused to be drafted by the fiduciary is invalid as an abuse of a fiduciary or confidential relationship unless the fiduciary proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor.

Previous Section
Section 4-10-1007 - Event Affecting Administration or Distribution.
Next Section
Section 4-10-1009 - Beneficiary's Consent, Release or Ratification.