The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 14A V.S.A. § 1417)
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§ 1417. Relief from liability and indemnification
(a) Except as otherwise provided in this section, a second-trust instrument shall not
relieve an authorized fiduciary from liability for breach of trust to a greater extent
than the first trust instrument.
(b) A second-trust instrument may provide for indemnification of an authorized fiduciary
of the first trust or another person acting in a fiduciary capacity under the first
trust for any liability or claim that would have been payable from the first trust
if the decanting power had not been exercised.
(c) A second-trust instrument shall not reduce fiduciary liability in the aggregate.
(d) Subject to subsection (c) of this section, a second-trust instrument may divide and
reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution
advisors, investment advisors, trust protectors, or other persons, and relieve an
authorized fiduciary from liability for an act or failure to act of another fiduciary
as permitted by the law of this State other than this chapter. (Added 2023, No. 177 (Adj. Sess.), § 1, eff. July 1, 2024.)