75-7-1002 - Damages for breach of trust. - Utah Statutes

75-7-1002. Damages for breach of trust.
(1) A trustee who commits a breach of trust is liable to the beneficiaries affected for thegreater of:
(a) the amount required to restore the value of the trust property and trust distributions towhat they would have been had the breach not occurred; or
(b) the profit the trustee made by reason of the breach.
(2) Except as otherwise provided in this Subsection (2), if more than one trustee is liableto the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trusteeor trustees. A trustee is not entitled to contribution if the trustee was substantially more at faultthan another trustee or if the trustee committed the breach of trust in bad faith or with recklessindifference to the purposes of the trust or the interests of the beneficiaries. A trustee whoreceived a benefit from the breach of trust is not entitled to contribution from another trustee tothe extent of the benefit received.

Enacted by Chapter 89, 2004 General Session