§ 36C-10-1002. Damages for breach of trust. - North Carolina Statutes

§ 36C‑10‑1002. Damages for breach of trust.

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

(1)        The amount requiredto restore the value of the trust property and trust distributions to what theywould have been had the breach not occurred; or

(2)        The profit thetrustee made by reason of the breach.

(b)        Except as otherwiseprovided in this subsection, if more than one trustee is liable to thebeneficiaries for a breach of trust, a trustee is entitled to contribution fromthe other trustee or trustees. A trustee is not entitled to contribution if thetrustee was substantially more at fault than another trustee or if the trusteecommitted the breach of trust in bad faith or with reckless indifference to thepurposes of the trust or the interests of the beneficiaries. A trustee whoreceived a benefit from the breach of trust is not entitled to contributionfrom another trustee to the extent of the benefit received. (2005‑192, s. 2.)