District of Columbia Code Division V. Local Business Affairs § 29-1205.11. Delegation by trustee.
Search District of Columbia Code
Search by Keyword or Citation
(a) A trustee may delegate duties and powers. The trustee shall exercise the care a person in a similar position would reasonably believe appropriate under similar circumstances in:
(1) Selecting an agent;
(2) Establishing the scope and terms of the delegation; and
(3) Periodically reviewing the agent's actions to monitor the agent's performance and compliance with the terms of the delegation.
(b) Subject to subsection (a) of this section, a trustee may delegate duties and powers to a co-trustee.
(c) In performing a delegated function, an agent of a trustee shall owe a duty to the statutory trust to exercise reasonable care to comply with the terms of the delegation.
(d) A trustee that complies with subsection (a) of this section shall not be liable to a beneficial owner or to the statutory trust for an act or omission of the agent of the trustee to which a function was delegated.
(e) An agent of a trustee submits to the jurisdiction of the courts of the District by accepting a delegation of powers or duties from a trustee with respect to a claim related to the agency.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-1205.11. Delegation by trustee. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-1205-11/
Was this helpful?