(A) The trustee or other fiduciary who breaches a duty imposed by this chapter is liable personally to the endowment fund for any losses resulting from the breach and any profits resulting from the breach or made by the trustee or other fiduciary through use of assets of the fund by the trustee or other fiduciary. The trustee or other fiduciary is subject to other equitable remedies as the court considers appropriate, including removal.
(B) An agreement that purports to limit the liability of a trustee or other fiduciary for a breach of duty under this chapter is void.
(C) The endowment fund may insure a trustee, fiduciary, or itself against liability or losses occurring because of a breach of duty under this chapter.
(D) A trustee or other fiduciary may insure against personal liability or losses occurring because of a breach of duty under this chapter if the insurance is purchased or provided by the individual trustee or fiduciary, but a fiduciary who obtains insurance pursuant to this chapter must disclose all terms, conditions, and other information relating to the insurance policy to the endowment fund.
HISTORY: 1999 Act No. 122, Section 2.
Structure South Carolina Code of Laws
Section 59-153-10. Definitions.
Section 59-153-20. Funds and assets held in trust; trustee; investments.
Section 59-153-30. Delegation of functions by trustee.
Section 59-153-40. Standards for discharge of duties by trustee or other fiduciary.
Section 59-153-50. Investing and managing assets; objectives and policies.
Section 59-153-60. Compliance by trustee or fiduciary.
Section 59-153-70. Breach of duty; liability; insurance.
Section 59-153-80. Meetings in executive session, records exempt from disclosure where necessary.
Section 59-153-90. Investment reports.
Section 59-153-310. State Retirement Systems Investment Panel.
Section 59-153-320. Proposal for annual investment plan.
Section 59-153-330. Statement of policy and objectives.
Section 59-153-340. Duties of trustee; State Treasurer as agent; adoption of annual investment plan.