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Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501C.1002. Damages for breach of trust

Current as of January 01, 2023 | Updated by FindLaw Staff

(a) A trustee who commits a breach of trust is liable for the greater of:

(1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or

(2) the profit the trustee made by reason of the breach.

(b) If more than one trustee is liable for a breach of trust, a trustee is entitled to contribution or indemnity from the other trustee or trustees as the court may determine.

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Cite this article: FindLaw.com - Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501C.1002. Damages for breach of trust - last updated January 01, 2023 | https://codes.findlaw.com/mn/property-and-property-interests-ch-500-515b/mn-st-sect-501c-1002/

Read this complete Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501C.1002. Damages for breach of trust on Westlaw. Westlaw subscription required.

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