reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2902. Definitions [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2902. Definitions [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
In this chapter:
(1) “Apportionable estate” means the value of the gross estate as finally determined for purposes of the estate tax to be apportioned reduced by:
a. Any claim or expense allowable as a deduction for purposes of the tax;
b. The value of any interest in property that, for purposes of the tax, qualifies for a marital or charitable deduction or otherwise is deductible or is exempt; and
c. Any amount added to the decedent's gross estate because of a gift tax on transfers made before death.
(2) “Estate tax” means a federal, state, or foreign tax imposed because of the death of an individual and interest and penalties associated with the tax. The term does not include an inheritance tax, income tax, or generation-skipping transfer tax other than a generation-skipping transfer tax incurred on a direct skip taking effect at death.
(3) “Gross estate” means, with respect to an estate tax, all interests in property subject to the tax.
(4) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(5) “Ratable” means apportioned or allocated pro rata according to the relative values of interests to which the term is to be applied. “Ratably” has a corresponding meaning.
(6) “Time-limited interest” means an interest in property which terminates on a lapse of time or on the occurrence or nonoccurrence of an event or which is subject to the exercise of discretion that could transfer a beneficial interest to another person. The term does not include:
a. A cotenancy unless the cotenancy itself is a time-limited interest; or
b. An interest in property to the extent outright distribution to the beneficiary is within the sole power of the beneficiary.
(7) “Value” means, with respect to an interest in property, fair market value as finally determined for purposes of the estate tax that is to be apportioned, reduced by any outstanding debt secured by the interest without reduction for taxes paid or required to be paid or for any special valuation adjustment.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2904. Statutory apportionment of estate taxes [Effective Jan. 1, 2017, but see § 2914 of this title for future applicability].

§ 2904. Statutory apportionment of estate taxes [Effective Jan. 1, 2017, but see § 2914 of this title for future applicability].
To the extent that apportionment of an estate tax is not controlled by an instrument described in § 2903 of this title and except as otherwise provided in §§ 2906 and 2907 of this title, the following rules apply:
(1) Subject to paragraphs (2), (3), and (4) of this section, the estate tax is apportioned ratably to each person that has an interest in the apportionable estate.
(2) A generation-skipping transfer tax incurred on a direct skip taking effect at death is charged to the person to which the interest in property is transferred.
(3) If property is included in the decedent's gross estate because of § 2044 of the Internal Revenue Code of 1986 [26 U.S.C. § 2044] or any similar estate tax provision, the difference between the total estate tax for which the decedent's estate is liable and the amount of estate tax for which the decedent's estate would have been liable if the property had not been included in the decedent's gross estate is apportioned ratably among the holders of interests in the property. The balance of the tax, if any, is apportioned ratably to each other person having an interest in the apportionable estate.
(4) Except as otherwise provided in § 2903(b)(4) of this title and except as to property to which § 2907 of this title applies, an estate tax apportioned to persons holding interests in property subject to a time-limited interest must be apportioned, without further apportionment, to the principal of that property.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2905. Credits and deferrals [Effective Jan. 1, 2017, but see § 2914 of this title for future applicability].

§ 2905. Credits and deferrals [Effective Jan. 1, 2017, but see § 2914 of this title for future applicability].
Except as otherwise provided in §§ 2906 and 2907 of this title, the following rules apply to credits and deferrals of estate taxes:
(1) A credit resulting from the payment of gift taxes or from estate taxes paid on property previously taxed inures ratably to the benefit of all persons to which the estate tax is apportioned.
(2) A credit for state or foreign estate taxes inures ratably to the benefit of all persons to which the estate tax is apportioned, except that the amount of a credit for a state or foreign tax paid by a beneficiary of the property on which the state or foreign tax was imposed, directly or by a charge against the property, inures to the benefit of the beneficiary.
(3) If payment of a portion of an estate tax is deferred because of the inclusion in the gross estate of a particular interest in property, the benefit of the deferral inures ratably to the persons to which the estate tax attributable to the interest is apportioned. The burden of any interest charges incurred on a deferral of taxes and the benefit of any tax deduction associated with the accrual or payment of the interest charge is allocated ratably among the persons receiving an interest in the property.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2907. Apportionment and recapture of special elective benefits [Effective Jan. 1, 2017, but see § 2914 of this title for future applicability].

§ 2907. Apportionment and recapture of special elective benefits [Effective Jan. 1, 2017, but see § 2914 of this title for future applicability].
(a) In this section:
(1) “Special elective benefit” means a reduction in an estate tax obtained by an election for:
a. A reduced valuation of specified property that is included in the gross estate;
b. A deduction from the gross estate, other than a marital or charitable deduction, allowed for specified property; or
c. An exclusion from the gross estate of specified property.
(2) “Specified property” means property for which an election has been made for a special elective benefit.
(b) If an election is made for 1 or more special elective benefits, an initial apportionment of a hypothetical estate tax must be computed as if no election for any of those benefits had been made. The aggregate reduction in estate tax resulting from all elections made must be allocated among holders of interests in the specified property in the proportion that the amount of deduction, reduced valuation, or exclusion attributable to each holder's interest bears to the aggregate amount of deductions, reduced valuations, and exclusions obtained by the decedent's estate from the elections. If the estate tax initially apportioned to the holder of an interest in specified property is reduced to zero, any excess amount of reduction reduces ratably the estate tax apportioned to other persons that receive interests in the apportionable estate.
(c) An additional estate tax imposed to recapture all or part of a special elective benefit must be charged to the persons that are liable for the additional tax under the law providing for the recapture.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2908. Securing payment of estate tax from property in possession of fiduciary [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2908. Securing payment of estate tax from property in possession of fiduciary [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
(a) A fiduciary may defer a distribution of property until the fiduciary is satisfied that adequate provision for payment of the estate tax has been made.
(b) A fiduciary may withhold from a distributee an amount equal to the amount of estate tax apportioned to an interest of the distributee and the estate tax required to be advanced by the distributee.
(c) As a condition to a distribution, a fiduciary may require the distributee to provide a bond or other security for the portion of the estate tax apportioned to the distributee and also for the estate tax required to be advanced by the distributee.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2909. Collection of estate tax by fiduciary [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2909. Collection of estate tax by fiduciary [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
(a) A fiduciary responsible for payment of an estate tax may collect from any person the tax apportioned to and the tax required to be advanced by the person.
(b) Except as otherwise provided in § 2906 of this title, any estate tax due from a person that cannot be collected from the person may be collected by the fiduciary from other persons in the following order of priority:
(1) Any person having an interest in the apportionable estate which is not exonerated from the tax;
(2) Any other person having an interest in the apportionable estate;
(3) Any person having an interest in the gross estate.
(c) A domiciliary fiduciary may recover from an ancillary personal representative the estate tax apportioned to the property controlled by the ancillary personal representative.
(d) The total tax collected from a person pursuant to this chapter may not exceed the value of the person's interest.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2910. Right of reimbursement [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2910. Right of reimbursement [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
(a) A person required under § 2909 of this title to pay an estate tax greater than the amount due from the person under § 2903 or § 2904 of this title has a right to reimbursement from another person to the extent that the other person has not paid the tax required by § 2903 or § 2904 of this title and a right to reimbursement ratably from other persons to the extent that each has not contributed a portion of the amount collected under § 2909(b) of this title.
(b) A fiduciary may enforce the right of reimbursement under subsection (a) of this section on behalf of the person that is entitled to the reimbursement and shall take reasonable steps to do so if requested by the person.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2911. Jurisdiction of Court of Chancery; action to determine or enforce chapter [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2911. Jurisdiction of Court of Chancery; action to determine or enforce chapter [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
(a) The Court of Chancery has jurisdiction and all power necessary to make the prorations and the orders directing the payment of amounts of tax contemplated by this chapter.
(b) Such jurisdiction may be invoked by petition filed in the Court of Chancery by an executor, administrator, temporary administrator, trustee or other person acting in a fiduciary capacity, transferee, beneficiary of the gross estate, or any other person having such an interest as may in the judgment of the Court entitle such person to file such a petition.
(c) The Court of Chancery, upon making a determination as provided in this chapter, shall make a decree or order directing the executor, administrator or other fiduciary to charge the prorated amounts against the persons against whom the tax has been so prorated, insofar as such person is in possession of property or interests of such persons against whom such charge has been made, and summarily directing all other persons against whom the tax has been so prorated or who are in possession of property or interests of such persons to make payment of such prorated amounts to such executor, administrator or other fiduciary or to another person who has paid such tax.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2912. Uniformity of application and construction [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2912. Uniformity of application and construction [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact similar legislation.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2913. Severability [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2913. Severability [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2914. Delayed application [Effective Jan. 1, 2014, but see this section for future applicability].

§ 2914. Delayed application [Effective Jan. 1, 2014, but see this section for future applicability].
(a) Sections 2903 through 2907 of this title do not apply to the estate of a decedent who dies on or within 3 years after the effective date of this chapter, nor to the estate of a decedent who dies more than 3 years after the effective date of this chapter if the decedent continuously lacked testamentary capacity from the expiration of the 3-year period until the date of death.
(b) For the estate of a decedent who dies on or after January 1, 2014, to which §§ 2903-2907 do not apply, estate taxes must be apportioned pursuant to the law in effect immediately before January 1, 2014.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 29. Apportionment of Estate Taxes [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability] › § 2915. Effective date [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].

§ 2915. Effective date [Effective Jan. 1, 2014, but see § 2914 of this title for future applicability].
This chapter takes effect for decedents dying on or after January 1, 2014.
79 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3101. Action at law.

§ 3101. Action at law.
(a) An action at law may be maintained against an executor or administrator for a legacy or distributive share that is due. Assets in the executor's or administrator's hands to pay a legacy shall create a legal liability and raise a consequent promise to pay it. If there are not sufficient assets to pay the whole legacy, a part may be recovered. If the delivery of a specific legacy has been refused, the value of it may be recovered by an action at law. There shall be a legal liability to pay a distributive share and a consequent implied promise.
(b) An action at law shall not lie for a legacy which is either directly or by implication the subject of a trust.
Code 1852, §§  1852-1854, 2591, 2592;  Code 1915, §§  3397, 4520;  Code 1935, §§  3860, 4974;  12 Del. C. 1953, §  3101;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3102. Action by infant legatee.

§ 3102. Action by infant legatee.
An infant legatee may sue for the legacy by guardian or next friend, as in other cases.
Code 1852, §  2593;  Code 1915, §  4521;  Code 1935, §  4975;  12 Del. C. 1953, §  3102;  70 Del Laws, c. 186,, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3103. Appointment of auditors; duties.

§ 3103. Appointment of auditors; duties.
If the defense to an action for a legacy is insufficient assets to pay all the debts and legacies, the court shall appoint auditors to examine the accounts of the executor or administrator with the will annexed. The auditors, after full hearing of the parties upon notice to them respectively of the times and places of such hearing, shall report the condition of the accounts, what assets will remain after payment of the debts and what proportion of such residue is properly applicable to the plaintiff's legacy, having regard to all such settlements of the accounts as may have been made before any court or officer having authority to settle the same.
Code 1852, §  2595;  Code 1915, §  4523;  Code 1935, §  4977;  12 Del. C. 1953, §  3103;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3104. Exceptions to auditors' report.

§ 3104. Exceptions to auditors' report.
Exceptions may be taken by either of the parties to the report of auditors and thereupon the court, upon hearing the exceptions, may correct any errors in such report.
Code 1852, §  2596;  Code 1915, §  4524;  Code 1935, §  4978;  12 Del. C. 1953, §  3104;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3105. Judgment and execution.

§ 3105. Judgment and execution.
If, upon proceedings under this subchapter, the assets are found insufficient to pay all the debts and legacies of the testator, execution shall be awarded only for such proportion of the assets as may be properly applicable to the plaintiff's legacy, but judgment for the whole legacy shall be entered and shall stand as a security for the payment of the residue of the legacy, when sufficient assets for such payment shall come to the hands of the executor or administrator. A scire facias shall lie for further execution, suggesting that other assets have come to the hands of the executor or administrator.
Code 1852, §  2597;  Code 1915, §  4525;  Code 1935, §  4979;  12 Del. C. 1953, §  3105;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3106. Costs; liability of personal representative therefor.

§ 3106. Costs; liability of personal representative therefor.
The court shall exercise equitable powers in respect to costs. In case of inexcusable neglect or delay on the part of the executor or administrator to pay the legacy demanded or a proportional part thereof the court may order that the costs be paid by the executor or administrator. No costs shall be recovered in an action brought for a legacy without a reasonable demand for the same first made upon the executor or administrator who ought to pay the same.
Code 1852, §  2598;  Code 1915, §  4526;  Code 1935, §  4980;  12 Del. C. 1953, §  3106;  70 Del Laws, c. 186,, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter I. Suit for Legacy or Distributive Share › § 3107. Security to refund legacy.

§ 3107. Security to refund legacy.
The court shall exercise equitable powers in requiring the plaintiff to give security to refund the legacy or any part thereof and also in respect to the delivery and acceptance of a specific legacy.
Code 1852, §  2599;  Code 1915, §  4527;  Code 1935, §  4981;  12 Del. C. 1953, §  3107;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter II. General › § 3121. Consequences of instituting suit without presenting claim.

§ 3121. Consequences of instituting suit without presenting claim.
If in an action against an executor or administrator for a debt against the decedent the affidavit required by § 2104 of this title is not produced by the plaintiff, the action shall, upon motion, be dismissed and if such action has been brought, without previously exhibiting to the defendant an affidavit in due form, the plaintiff shall not recover any costs, unless the action has been controverted. The question of disallowance of costs shall be decided by the court on a rule to show cause, which shall not be granted unless the exhibiting of an affidavit be denied on oath or affirmation.
Code 1852, §  1836;  Code 1915, §  3376;  Code 1935, §  3841;  12 Del. C. 1953, §  3121;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter II. General › § 3122. Process; default judgment and proceedings thereon.

§ 3122. Process; default judgment and proceedings thereon.
In an action against an executor or administrator the first process shall be a summons. If the defendant, being summoned, does not appear, judgment by default shall be entered against the defendant and upon such judgment the Superior Court may, upon motion, order the Prothonotary to ascertain the amount in which case, at least 5 days' written notice shall be given to the defendant of the time when the Prothonotary will consider the case and execution may be issued as soon as the amount is ascertained or, upon such judgment by default, a rule of reference may be entered as prescribed in Chapter 47 of Title 10 or a writ of inquiry awarded if it be a case proper for the writ.
Code 1852, §  1863;  Code 1915, §  3400;  Code 1935, §  3863;  12 Del. C. 1953, §  3122;  70 Del Laws, c. 186,, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter II. General › § 3123. Effect of judgment against executor or administrator.

§ 3123. Effect of judgment against executor or administrator.
(a) The effect of judgments against executors or administrators, on the report of referees, as to the question of assets and the lien of such judgments on the real estate of the deceased shall be as provided by Chapter 47 of Title 10.
(b) Judgments before justices of the peace against executors and administrators shall be judgments of assets. Writs of scire facias upon a suggestion of waste may be sued out and tried. Judgment and execution shall be awarded, as provided by § 9542 of Title 10.
Code 1852, §  1864;  Code 1915, §  3401;  Code 1935, §  3864;  12 Del. C. 1953, §  3123;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter II. General › § 3124. Costs; allowance in account.

§ 3124. Costs; allowance in account.
Costs shall be awarded to and against executors and administrators in like manner as other parties, but costs awarded against them shall not be allowed in their accounts, unless the court shall certify the propriety of such allowance or there is other good evidence that they were properly incurred.
Code 1852, §  1865;  Code 1915, §  3402;  Code 1935, §  3865;  12 Del. C. 1953, §  3124;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 31. SUITS AGAINST EXECUTORS AND ADMINISTRATORS › Subchapter II. General › § 3125. Suit for specific performance of decedent's contract for sale of real estate; proof and recording of contract; effect of deed.

§ 3125. Suit for specific performance of decedent's contract for sale of real estate; proof and recording of contract; effect of deed.
(a) Before suit shall be brought against an executor or administrator upon a written contract of the decedent under seal or under hand and attested by 1 or more witnesses for the conveyance of any real estate within the State, the person with whom such contract was made or who is entitled to the benefit thereof, either as heir, devisee, assignee or otherwise, shall cause the contract to be proved in the Court of Chancery in the county where the premises are situated and recorded in the recorder's office therein and shall thereupon apply to the executor or administrator for the fulfillment of the contract. Thereupon, the executor or administrator, if the consideration of the premises has been paid or upon payment thereof, may exhibit to such Court a petition stating the facts and praying authority to convey the premises in execution of the contract. The Court may inquire into the case and order specific performance of the contract, according to equity and good conscience. A deed made pursuant to such order shall be as effectual as if executed by the decedent in the decedent's lifetime.
(b) If the premises lie partly in 2 counties, the proof may be taken and the order made in either, but the contract must be recorded in each.
(c) If it is evident that the executor or administrator cannot fulfill the contract specifically or if it is a case in which a specific execution ought not to be accepted, proceedings under this section shall not be necessary.
(d) If a suit is brought against the true intent of this section, the Court may dismiss the action.
Code 1852, §§  1859-1862;  Code 1915, §  3399;  Code 1935, §  3862;  12 Del. C. 1953, §  3125;  70 Del Laws, c. 186,, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3304. Retention by fiduciary of decedent's or settlor's investments.

§ 3304. Retention by fiduciary of decedent's or settlor's investments.
Unless expressly provided otherwise in any instrument specified in § 3303 of this title, any provisions in any such instrument prescribing, defining or limiting the kind of property in which the funds of the trust to which such instrument relates shall be invested shall not apply to any property owned by a testator at the time of the testator's death and delivered to the fiduciary by the personal representative of such testator who has created a trust by the testator's will or delivered by the settlor to the fiduciary of a trust created in a trust agreement or delivered to the fiduciary pursuant to a court order or other instrument creating or defining the fiduciary's duties and powers and such fiduciary may retain all such property so acquired, subject to the limitations of the standards set forth in § 3302 of this title. Furthermore, a provision in any such instrument directing the retention of any such property as a trust investment shall be deemed to waive any duty of diversification otherwise applicable to the fiduciary with respect to such property and shall exonerate the fiduciary from liability for retaining the property except in the case of wilful misconduct proven by clear and convincing evidence in the Court of Chancery.
25 Del. Laws, c. 226, §  3;  Code 1915, §  3875;  37 Del. Laws, c. 259, §  1;  40 Del. Laws, c. 230, §  1;  Code 1935, §  4401;  44 Del. Laws, c. 171, §  1;  48 Del. Laws, c. 41, §  1;  12 Del. C. 1953, §  3304;  70 Del Laws, c. 186,, §  1;  77 Del. Laws, c. 330, §  3;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3305. Retention by bank or trust company acting as a fiduciary of its own stock.

§ 3305. Retention by bank or trust company acting as a fiduciary of its own stock.
Unless expressly provided otherwise in any instrument specified in § 3303 of this title, a bank or trust company acting as a fiduciary and authorized so to act may retain in a trust estate shares of its own capital stock acquired in any manner referred to in § 3304 of this title, as effectively as though the instrument creating or defining the fiduciary's duties and powers expressly so provided, subject to the limitations of the standards set forth in § 3302 of this title.
25 Del. Laws, c. 226, §  3;  Code 1915, §  3875;  37 Del. Laws, c. 259, §  1;  40 Del. Laws, c. 230, §  1;  Code 1935, §  4401;  44 Del. Laws, c. 171, §  1;  47 Del. Laws, c. 19, §  1;  48 Del. Laws, c. 41, §  1;  12 Del. C. 1953, §  3305;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3306. Deviation from terms of instrument.

§ 3306. Deviation from terms of instrument.
Subject to the provisions of § 3303 of this title, nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit fiduciaries to deviate from the terms of any will, agreement or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale or management of fiduciary property.
25 Del. Laws, c. 226, §  3;  Code 1915, §  3875;  37 Del. Laws, c. 259, §  1;  40 Del. Laws, c. 230, §  1;  Code 1935, §  4401;  44 Del. Laws, c. 171, §  1;  12 Del. C. 1953, §  3306;  76 Del. Laws, c. 254, §  4;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3308. Power of bank or trust company acting as a fiduciary to purchase property held by its commercial or banking department.

§ 3308. Power of bank or trust company acting as a fiduciary to purchase property held by its commercial or banking department.
(a) A bank or trust company shall not purchase, with funds held by it as a fiduciary, any property held by its commercial or banking department, but this prohibition shall not apply to mortgages and their accompanying bonds designated by its commercial or banking department for future trust investment at the time of acquisition by the commercial or banking department and purchased within 1 year from such time of acquisition with funds held by it in its trust department; provided the interest and taxes are current at the time of purchase by the trust department and an appraisal certificate on the real estate covered by the mortgages being purchased from at least 1 person competent and qualified to appraise real estate is obtained by the trust department at any time within 10 days prior to the purchase by and transfer to the trust department. This exception shall apply to all types of mortgages held by the commercial or banking department, including mortgages covering properties constructed during the 1-year period from the time the mortgages were acquired by the commercial or banking department; provided, with respect to the latter type of mortgages, that an appraisal certificate on the completed property from at least 1 person competent and qualified to appraise such property and a certificate from the owner of the property and/or the registered architect who planned the construction of the property certifying that the construction is complete and satisfactory in every respect, are obtained by the trust department at any time within 10 days prior to the purchase by and transfer to said department.
(b) The commercial or banking department shall make a report monthly to the board of directors of the bank or trust company listing all mortgages designated for trust investment and covering all transactions relating thereto and such report shall be noted in the minutes of the meeting of the board.
(c) The purchase of mortgages and their accompanying bonds permitted by this section shall be made subject to the limitations of the standard set forth in § 3302 of this title.
25 Del. Laws, c. 226, §  3;  Code 1915, §  3875;  37 Del. Laws, c. 259, §  1;  40 Del. Laws, c. 230, §  1;  Code 1935, §  4401;  48 Del. Laws, c. 226, §  1;  12 Del. C. 1953, §  3308;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3309. Identification of securities.

§ 3309. Identification of securities.
(a) Except as otherwise provided by the terms of the governing instrument, all securities in a fiduciary estate, whether held by the fiduciary or an agent for the fiduciary, shall be held in such manner that the fiduciary's name and the fiduciary capacity in which the securities are held are fully disclosed, except as provided hereafter in this section or in § 3311 of this title.
(b) A bank or trust company acting as fiduciary or as agent for a fiduciary or nonfiduciary may hold securities in the name of its nominee without disclosing the capacity in which they are held, provided the records maintained with respect to those securities disclose the capacity in which they are held and provided there is no written objection from either a cofiduciary or the person for whom it is acting as agent.
59 Del. Laws, c. 271, §  4;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3310. Storage of securities.

§ 3310. Storage of securities.
(a) Except as otherwise provided by the terms of the governing instrument, all securities in a fiduciary estate, whether held by the fiduciary or an agent for the fiduciary, shall be stored separately from any other securities, except as provided hereafter in this section or in § 3311 of this title.
(b) A bank or trust company may store together securities of the same class of the same issuer held by it as fiduciary or as agent for a fiduciary or nonfiduciary (but not its own securities) and may combine the securities so stored together into 1 or more securities of the same class of the same issuer, provided the records maintained with respect to those securities disclose the capacity in which they are held and provided there is no written objection from either a cofiduciary or the person for whom it is acting as agent.
59 Del. Laws, c. 271, §  5;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3311. Deposit of securities in clearing corporation.

§ 3311. Deposit of securities in clearing corporation.
(a) Except as otherwise provided by the terms of the governing instrument, a bank or trust company may deposit or arrange for the deposit of in a clearing corporation securities held by it as fiduciary or as agent for a fiduciary or nonfiduciary, provided the records maintained with respect to those securities by such bank or trust company disclose the capacity in which they are held and provided there is no written objection from either a cofiduciary or the person for whom it is acting as agent.
(b) Securities deposited in a clearing corporation may be registered in the name of either the clearing corporation or its nominee without disclosing the capacity in which they are held.
(c) Securities deposited in a clearing corporation may be stored together with other securities of the same class of the same issuer also stored in the clearing corporation (but not the securities of the clearing corporation) and may be combined with such other securities into 1 or more securities of the same class of the same issuer.
59 Del. Laws, c. 271, §  6;  61 Del. Laws, c. 489, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3313A. Excluded cotrustee.

§ 3313A. Excluded cotrustee.
(a) If the terms of a governing instrument confer upon a cotrustee, to the exclusion of another cotrustee, the power to take certain actions with respect to the trust, including the power to direct or prevent certain actions of the trustees, the duty and liability of the excluded trustee is as follows:
(1) If the terms of the governing instrument confer upon the cotrustee the power to direct certain actions of the excluded trustee, the excluded trustee must act in accordance with the direction and shall have no duty to act in the absence of such direction and is not liable, individually or as a fiduciary, for any loss resulting directly or indirectly from compliance with the direction unless compliance with the direction constitutes wilful misconduct on the part of the directed cotrustee;
(2) If the terms of the governing instrument confer upon the cotrustee exclusive authority to exercise any power, the excluded trustee is not liable, individually or as a fiduciary, for any loss resulting directly or indirectly from the action taken by the cotrustee in the exercise of the power, such that the excluded trustee shall not be a fiduciary with respect to any power as to which the governing instrument has conferred upon the cotrustee exclusive authority in accordance with this paragraph (a)(2), but shall remain a fiduciary with respect to any powers or other matters as to which the governing instrument has not conferred exclusive authority on the cotrustee; and
(3) The excluded trustee has no duty to monitor the conduct of the cotrustee, provide advice to the cotrustee or consult with or request directions from the cotrustee. The excluded trustee is not required to give notice to any beneficiary of any action taken or not taken by the cotrustee whether or not the excluded trustee agrees with the result. Administrative actions taken by the excluded trustee for the purpose of implementing directions of the cotrustee, including confirming that the directions of the cotrustee have been carried out, do not constitute monitoring of the cotrustee nor do they constitute participation in decisions within the scope of the cotrustee's authority.
(b) The cotrustee holding the power to take certain actions with respect to the trust shall be liable to the beneficiaries with respect to the exercise of the power as if the excluded trustee were not in office and shall have the exclusive obligation to account to the beneficiaries and defend any action brought by the beneficiaries with respect to the exercise of the power.
81 Del. Laws, c. 149, § 1;  81 Del. Laws, c. 320, § 4;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3315. Trustee's exercise of discretion; review by court; discretionary interests.

§ 3315. Trustee's exercise of discretion; review by court; discretionary interests.
(a) Where discretion is conferred upon the fiduciary with respect to the exercise of a power, its exercise by the fiduciary shall be considered to be proper unless the court determines that the discretion has been abused within the meaning of § 187 of the Restatement (Second) of Trusts, not §§ 50 and 60 of the Restatement (Third) of Trusts.
(b) A beneficiary eligible to receive distributions from a trust in the discretion of a trustee or other fiduciary has a discretionary interest in the trust. Discretionary interest in a trust is a mere expectancy, not a property right. A beneficiary eligible to receive distributions from a trust in the discretion of a trustee or other fiduciary, even if subject to an ascertainable standard (as defined in Treas. Reg. § 20.2041-1(c)(2) (26 CFR § 20.2041-1(c)(2)) or any successor provision thereto), has a discretionary interest in the trust. An interest that includes mandatory distribution language such as “shall” but is qualified by discretionary distribution language is a discretionary interest. A creditor may not directly or indirectly compel the distribution of a discretionary interest except to the extent expressly granted by the terms of a governing instrument in accordance with § 3536(a) of this title. Nothing within this subsection shall be deemed to alter the standard of review of the discretion of the trustee or other fiduciary under subsection (a) of this section.
76 Del. Laws, c. 254, §  7;  83 Del. Laws, c. 69, § 2;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3316. Substituted property; equivalent value; fiduciary duty.

§ 3316. Substituted property; equivalent value; fiduciary duty.
Except as otherwise expressly provided by the terms of a governing instrument, if a trustor has a power to substitute property of equivalent value, the fiduciary responsible for investment decisions has a fiduciary duty to determine that the substituted property is of equivalent value prior to allowing the substitution.
77 Del. Laws, c. 330, §  5;  79 Del. Laws, c. 197, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3317. Cofiduciaries and co-nonfiduciaries; duty to keep informed.

§ 3317. Cofiduciaries and co-nonfiduciaries; duty to keep informed.
Except as otherwise provided in a governing instrument, each trust fiduciary (including trustees, advisers, protectors, and other fiduciaries), and each trust nonfiduciary, has a duty upon request to keep all of the fiduciaries and nonfiduciaries for the trust reasonably informed about the administration of the trust with respect to any specific duty or function being performed by such fiduciary or nonfiduciary to the extent that providing such information to the other fiduciaries and nonfiduciaries is reasonably necessary for the other fiduciaries and nonfiduciaries to perform their duties; provided, however, that:
(1) A fiduciary or nonfiduciary requesting and receiving any such information shall have no duty to:
monitor the conduct of the fiduciary or nonfiduciary providing the information; provide advice to or consult with the fiduciary or nonfiduciary providing the information; or communicate with or warn or apprise any beneficiary or third party concerning instances in which the fiduciary or nonfiduciary receiving the information would or might have exercised the fiduciary's or nonfiduciary's own discretion in a manner different from the manner in which such discretion was actually exercised by the fiduciary or nonfiduciary providing the information; and
(2) A fiduciary or nonfiduciary providing any such information shall have no duty to:
monitor the conduct of the fiduciary or nonfiduciary requesting and receiving the information; provide advice to or consult with the fiduciary or nonfiduciary requesting and receiving the information; or communicate with or warn or apprise any beneficiary or third party concerning instances in which the fiduciary or nonfiduciary providing the information would or might have exercised the fiduciary's or nonfiduciary's own discretion in a manner different from the manner in which such discretion was actually exercised by the fiduciary or nonfiduciary requesting and receiving the information.
77 Del. Laws, c. 330, §  6;  81 Del. Laws, c. 320, § 4;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3322. Fiduciary agency contracts; delegation.

§ 3322. Fiduciary agency contracts; delegation.
(a) A fiduciary may appoint agents to assist in the performance of the fiduciary's duties, pay such agents from the fiduciary fund and delegate investment, management, or other fiduciary duties to any such agent, including an agent who is a cofiduciary.
(b) When a fiduciary, acting in the fiduciary's discretion and not at the direction of any adviser, appoints an agent to assist in the performance of the fiduciary's duties, the standard of care applicable to the fiduciary when personally performing such duties shall continue to apply to the fiduciary with respect to selecting and hiring the agent, paying the agent from the fiduciary fund, establishing the scope and specific terms of the agency relationship, and overseeing the agent's actions and continuing the agency relationship, but the fiduciary shall not otherwise be liable for the conduct of such agent. The foregoing rule shall apply even if:
(1) The aggregate amount paid to the agent and the fiduciary from the fiduciary fund exceeds the amount otherwise payable from the fiduciary fund to the fiduciary under subchapter V of Chapter 35 of this title or other applicable law; or
(2) The standard of care applicable to the agent is a lower standard than the standard applicable to the fiduciary when personally performing duties to be performed by the agent.
(c) When a fiduciary delegates investment, management, or other fiduciary duties to an agent, such delegation shall not cause the fiduciary to cease to be a fiduciary or cause the agent to be a fiduciary.
65 Del. Laws, c. 422, §  6;  73 Del. Laws, c. 47, §  1;  74 Del. Laws, c. 82, §  7;  75 Del. Laws, c. 300, §  1;  79 Del. Laws, c. 352, §  3;  82 Del. Laws, c. 52, § 1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3323. Cofiduciaries and co-nonfiduciaries.

§ 3323. Cofiduciaries and co-nonfiduciaries.
(a) Unless provided otherwise by the governing instrument, any power vested in 3 or more fiduciaries or nonfiduciaries by the governing instrument or by law may be exercised by a majority of such fiduciaries or nonfiduciaries and a majority of fiduciaries or nonfiduciaries named in a governing instrument may designate 1 of such fiduciaries or nonfiduciaries to perform ministerial functions on behalf of all such fiduciaries or nonfiduciaries. A fiduciary or nonfiduciary who dissents from the action of the majority is not liable to anyone having an interest in the fiduciary fund, or to the other fiduciaries or nonfiduciaries, if such dissent is evidenced by a writing delivered to the majority of the fiduciaries or nonfiduciaries.
(b) This section does not excuse a cofiduciary or co-nonfiduciary from liability for failure to participate in the administration of the fiduciary fund or for failure to attempt to prevent a breach of trust, or for failure to seek advice and guidance from the court in a recurring situation, unless otherwise expressly provided by the governing instrument.
65 Del. Laws, c. 422, §  6;  74 Del. Laws, c. 82, §  7;  81 Del. Laws, c. 320, § 4;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 33. ADMINISTRATIVE PROVISIONS › § 3324. General powers of trustee.

§ 3324. General powers of trustee.
(a) A trustee, without authorization by the court, may exercise:
(1) Powers conferred by the terms of the trust; and
(2) Except as limited by the terms of the trust, any other powers conferred by this chapter.
(b) Except as modified by the terms of a trust, the exercise of a power is subject to the fiduciary duties otherwise prescribed by law.
72 Del. Laws, c. 388, §  4;  74 Del. Laws, c. 82, §  7;