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.
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Last modified: October 11, 2016