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New Jersey Statutes, Title: 3B, ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
Chapter 31: Uniform Trust Code
Section: 3B:31-72: Damages for breach of trust.
3B:31-72. Damages for Breach of Trust.
a. A trustee who commits a breach of trust is liable to the beneficiaries affected 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. Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees based on the comparative degree of culpability for the breach. However, a trustee who committed the breach in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries is not entitled to contribution from a trustee who was not guilty of such conduct. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.
L.2015, c.276, s.1.
This section added to the Rutgers Database: 2016-02-15 11:39:06.
Older versions of 3b:31-72 (if available):
Court decisions that cite this statute: