Minn. Stat. § 501C.1002

DAMAGES FOR BREACH OF TRUST.

Known as the Minnesota Trust Code

The act spans §§ 501C.0101 to 501C.1304 (98 sections).

2015 c 5 art 10 s 2

(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.

Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.