Reasonable reliance.
A trustee, officer, employee, manager, or committee of a statutory trust, or other person designated pursuant to § 29-1201.03(e)(8) or (9) is not liable to the trust or to a beneficial owner for breach of any duty, including a fiduciary duty, to the extent the breach results from reasonable reliance on: A term of the governing instrument; A record of the statutory trust; or An opinion, report, or statement of another person that the trustee reasonably believes is within the other person’s professional or expert competence and is made or delivered to the trustee, officer, employee, manager, or committee of a statutory trust or other person designated pursuant to § 29-1201.03(e)(8) or (9). Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 506 of the Uniform Statutory Trust Entity Act.
Annotations
July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720 Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(C), 59 DCR 13171 The 2013 amendment by D.C. Law 19-210 substituted “Reasonable” for “Good-faith” in the section heading; in the introductory language substituted “§ 29-1201.03(e)(8) or (9) is not” for “§ 29-1201.03(e)(8), shall not be” and “reasonable” for “good-faith”; and added “or (9)” at the end of (3). This section is referenced in § 29-1201.04.
Sourced from the DC Council Open Law Library (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.