(1) A person other than a beneficiary who in good faith assists a trustee or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s powers, is protected from liability as if the trustee properly exercised the power.
(2) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee’s powers or the propriety of their exercise.
(3) A person who in good faith delivers assets to a trustee need not ensure their proper application.
(4) A person other than a beneficiary who in good faith assists a former trustee or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated, is protected from liability as if the former trustee were still a trustee.
(5) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
History.—s. 10, ch. 2006-217.
Structure Florida Statutes
Title XLII - Estates and Trusts
Chapter 736 - Florida Trust Code
Part X - Liability of Trustee and Rights of Persons Dealing With Trustee (Ss. 736.1001-736.1018)
736.1001 - Remedies for breach of trust.
736.1002 - Damages for breach of trust.
736.1003 - Damages in absence of breach.
736.1004 - Attorney’s fees and costs.
736.1005 - Attorney fees for services to the trust.
736.1006 - Costs in trust proceedings.
736.1007 - Trustee’s attorney fees.
736.1008 - Limitations on proceedings against trustees.
736.1009 - Reliance on trust instrument.
736.1010 - Event affecting administration or distribution.
736.1011 - Exculpation of trustee.
736.1012 - Beneficiary’s consent, release, or ratification.
736.1013 - Limitation on personal liability of trustee.
736.1014 - Limitations on actions against certain trusts.
736.1015 - Interest as general partner.
736.1016 - Protection of person dealing with trustee.
736.1017 - Certification of trust.
736.1018 - Improper distribution or payment; liability of distributee.