58a-1012. Protection of person dealing with trustee. (a) 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.
(b) 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.
(c) A person who in good faith delivers assets to a trustee need not ensure their proper application.
(d) 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.
(e) 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: L. 2002, ch. 133, ยง 87; Jan. 1, 2003.
Structure Kansas Statutes
Chapter 58a - Kansas Uniform Trust Code
Article 10 - Liability Of Trustees And Rights Of Persons Dealing With Trustee
58a-1001 Remedies for breach of trust.
58a-1002 Damages for breach of trust.
58a-1003 Damages in absence of breach.
58a-1004 Attorney fees and costs.
58a-1005 Limitation of action against trustee.
58a-1006 Reliance on trust instrument.
58a-1007 Event affecting administration or distribution.
58a-1008 Exculpation of trustee.
58a-1009 Beneficiary's consent, release, or ratification.
58a-1010 Limitation on personal liability of trustee.
58a-1011 Interest as general partner.