reglab/housing_qa huggingface dataset:
14 V.S.A. § 812
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 812. Collecting trust property

§ 812. Collecting trust property|A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust known to the trustee to have been committed by a former trustee. (Added 2009, No. 20, § 1.)
14 V.S.A. § 814
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 814. Discretionary powers; tax savings

§ 814. Discretionary powers; tax savings|(a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole," or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.(b) Subject to subsection (d) of this section, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:  (1) a person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and (2) a trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.   (c) A power whose exercise is limited or prohibited by subsection (b) of this section may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the Probate Division of the Superior Court may appoint a special fiduciary with authority to exercise the power.(d) Subsection (b) of this section does not apply to:  (1) a power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in § 2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, as in effect on the effective date of this title, was previously allowed; (2) any trust during any period that the trust may be revoked or amended by its settlor; or (3) a trust if contributions to the trust qualify for the annual exclusion under § 2503(c) of the Internal Revenue Code of 1986, as in effect on the effective date of this title. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 815
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 815. General powers of trustee

§ 815. General powers of trustee|(a) A trustee, without authorization by the Probate Division of the Superior Court, may exercise:  (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust:  (A) all powers over the trust property which an unmarried competent owner has over individually owned property; (B) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and (C) any other powers conferred by this title.    (b) The exercise of a power is subject to the fiduciary duties prescribed by this chapter. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 817
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 817. Distribution upon termination

§ 817. Distribution upon termination|(a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.(b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.(c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:  (1) it was induced by improper conduct of the trustee; or (2) the beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach. (Added 2009, No. 20, § 1.)
14 V.S.A. § 901
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 901. Prudent investor rule

§ 901. Prudent investor rule|(a) Except as otherwise provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust. (Added 2009, No. 20, § 1.)
14 V.S.A. § 902
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 902. Standard of care; portfolio strategy; risk and return objectives

§ 902. Standard of care; portfolio strategy; risk and return objectives|(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.(b) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.(c) Among circumstances that a trustee shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries:  (1) general economic conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences of investment decisions or strategies; (4) the role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property; (5) the expected total return from income and the appreciation of capital; (6) other resources of the beneficiaries; (7) needs for liquidity, regularity of income, and preservation or appreciation of capital; and (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.   (d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.(e) A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter. (Added 2009, No. 20, § 1.)
14 V.S.A. § 903
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 903. Diversification

§ 903. Diversification|A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. (Added 2009, No. 20, § 1.)
14 V.S.A. § 904
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 904. Duties at inception of trusteeship

§ 904. Duties at inception of trusteeship|Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of this chapter. (Added 2009, No. 20, § 1.)
14 V.S.A. § 905
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 905. Reviewing compliance

§ 905. Reviewing compliance|Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight. (Added 2009, No. 20, § 1.)
14 V.S.A. § 906
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 906. Language invoking standard of this chapter

§ 906. Language invoking standard of this chapter|The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule."  (Added 2009, No. 20, § 1.)
14 V.S.A. § 908
2021 Vermont Statutes|Title 14A - Trusts|Chapter 9 - Uniform Prudent Investor Act and Unitrusts|§ 908. Express total return unitrusts

§ 908. Express total return unitrusts|(a) The following provisions shall apply to a trust that, by its governing instrument, requires or permits the distribution, at least annually, of a unitrust amount equal to a fixed percentage of not less than three nor more than five percent per year of the fair market value of the trust's assets, valued at least annually, such trust to be referred to in this section as an "express total return unitrust."(b) The unitrust amount for an express total return unitrust may be determined by reference to the fair market value of the trust's assets in one year or more than one year.(c) Distribution of such a fixed percentage unitrust amount is considered a distribution of all of the income of the express total return unitrust.(d) An express total return unitrust may provide a mechanism for changing the unitrust percentage similar to the mechanism provided under section 907 of this title, based upon the factors noted therein, and may provide for a conversion from a unitrust to an income trust or a reconversion of an income trust to a unitrust similar to the mechanism under section 907 of this title.(e) If an express total return unitrust does not specifically or by reference to section 907 of this title deny a power to change the unitrust percentage or to convert to an income trust, then the trustee shall have such power.(f) The distribution of a fixed percentage of not less than three percent nor more than five percent reasonably apportions the total return of an express total return unitrust.(g) The trust instrument may grant discretion to the trustee to adopt a consistent practice of treating capital gains as part of the unitrust distribution, to the extent that the unitrust distribution exceeds the net accounting income, or it may specify the ordering of such classes of income.(h) Unless the terms of the trust specifically provide otherwise, a distribution of the unitrust amount from an express total return unitrust shall be considered to have been made from the following sources in order of priority:  (1) from net accounting income determined as if the trust were not a unitrust; (2) from ordinary income not allocable to net accounting income; (3) after calculating the trust's capital gain net income as described in the Internal Revenue Code of 1986 (as in effect on the effective date of this title and referred to in this section as the "I.R.C."), § 1222(9), from net realized short-term capital gain as described in I.R.C. § 1222(5) and then from net realized long-term capital gain described in I.R.C. § 1222(7); and (4) from the principal of the trust.   (i) The trust instrument may provide that:  (1) assets for which a fair market value cannot be readily ascertained shall be valued using such valuation methods as are deemed reasonable and appropriate; and (2) assets used by a trust beneficiary, such as a residence property or tangible personal property, may be excluded from the net fair market value for computing the unitrust amount. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1001
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1001. Remedies for breach of trust

§ 1001. Remedies for breach of trust|(a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.(b) To remedy a breach of trust that has occurred or may occur, the Probate Division of the Superior Court may:  (1) compel the trustee to perform the trustee's duties; (2) enjoin the trustee from committing a breach of trust; (3) compel the trustee to redress a breach of trust by paying money, restoring property, or other means; (4) order a trustee to account; (5) appoint a special fiduciary to take possession of the trust property and administer the trust; (6) suspend the trustee; (7) remove the trustee as provided in section 706 of this title; (8) reduce or deny compensation to the trustee; (9) subject to section 1012 of this title, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or (10) order any other appropriate relief. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 1002
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1002. Damages for breach of trust

§ 1002. 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. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. 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. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1003
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1003. Damages in absence of breach

§ 1003. Damages in absence of breach|(a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. Nothing in this section limits a trustee's right to reasonable compensation under section 708 of this title.(b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1004
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1004. Attorney's fees and costs

§ 1004. Attorney's fees and costs|In a judicial proceeding involving the administration of a trust, the Probate Division of the Superior Court, as justice and equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 1005
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1005. Limitation of action against trustee

§ 1005. Limitation of action against trustee|(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust.(b) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows or has reason to know of the potential claim or that the beneficiary had a duty to inquire further and the response to such an inquiry would have disclosed the potential claim. If written notice is given to the trustee by a beneficiary or representative within the time for commencing an action under subsection (a) of this section stating that the beneficiary or representative has received insufficient information from the trustee's report to determine whether to commence an action for breach of trust, the time for commencing an action shall be extended by six months. If no proceeding is commenced within the extended time, it shall be conclusively presumed that the report adequately disclosed the existence of any potential claim.(c) If subsection (a) of this section does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within three years after the first to occur of:  (1) the removal, resignation, or death of the trustee; (2) the termination of the beneficiary's interest in the trust; or (3) the termination of the trust.   (d) Subsections (a) through (c) of this section shall not apply to the filing of a petition in Probate Division of the Superior Court by the Attorney General for breach of trust against the trustee of a charitable trust with a principal place of administration in this State. The Attorney General may file a petition within three years after the potential claim arises. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 1006
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1006. Reliance on trust instrument

§ 1006. Reliance on trust instrument|A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1007
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1007. Event affecting administration or distribution

§ 1007. Event affecting administration or distribution|If the happening of an event, including marriage, divorce, performance of educational requirements, attainment of a specified age, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1008
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1008. Exculpation of trustee

§ 1008. Exculpation of trustee|(a) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:  (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (2) was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.   (b) An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1009
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1009. Beneficiary's consent, release, or ratification

§ 1009. Beneficiary's consent, release, or ratification|A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:  (1) the consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or (2) at the time of the consent, release, or ratification, the beneficiary did not know of the beneficiary's rights or of the material facts relating to the breach. (Added 2009, No. 20, § 1.)
14 V.S.A. § 1010
2021 Vermont Statutes|Title 14A - Trusts|Chapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustee|§ 1010. Limitation on personal liability of trustee

§ 1010. Limitation on personal liability of trustee|(a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in making the contract disclosed the fiduciary capacity. The addition of the phrase "trustee" or "as trustee" or a similar designation to the signature of a trustee on a written contract is considered prima facie evidence of a disclosure of fiduciary capacity.(b) A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault.(c) A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim. (Added 2009, No. 20, § 1.)