9-2318. Indemnification of trust advisor; exceptions. An instrument may relieve and indemnify a trust advisor and a fiduciary financial institution that serves as trustee of a fidfin trust or alternative asset custody account from liability for a breach of fiduciary duty if any such provision is unenforceable to the extent that it relieves the trust advisor or fiduciary financial institution from liability for a breach of fiduciary duty committed:
(a) In bad faith;
(b) intentionally; or
(c) with reckless indifference to the interest of a beneficiary.
History: L. 2021, ch. 80, ยง 18; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 23 - Technology-enabled Fiduciary Financial Institutions
9-2301 Citation of act; definitions.
9-2303 Fees and assessments; examination expenses; remittance of moneys.
9-2304 Provisions of state banking code applicable; exceptions; conflict of law.
9-2305 Capitalization requirements.
9-2306 Board of directors; membership; annual meeting; oath; notification of commissioner.
9-2307 Report to commissioner; safety and soundness.
9-2308 Name of institution; advertising; restrictions.
9-2309 Maintaining suitable office space; requirements; staffing; maintenance of records.
9-2311 Financing; required distribution amount; schedules; remittance of moneys.
9-2313 Custodial services; requirements.
9-2314 Trust advisor; rights, powers, immunities and liabilities.
9-2316 Trust advisor; presumed fiduciary; jurisdiction; appointment.
9-2317 Entity as trust advisor; requirements.
9-2318 Indemnification of trust advisor; exceptions.
9-2320 Privacy; protection in court proceedings; exception.
9-2321 Forms; definition; request for review; review not approval or endorsement.
9-2322 Adoption of rules and regulations by the commissioner; contracts for technical assistance.
9-2323 No maximum interest rate or charge.
9-2326 Trust interest not void or invalid by any common law rule.
9-2327 Tax classification as determined under the federal internal revenue code.