72-38-1002. Damages for breach of trust. (1) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:
(a) any loss or depreciation in value of the trust estate resulting from the breach of trust, with interest;
(b) the profit the trustee made by reason of the breach of trust, with interest; or
(c) any profit that would have accrued to the trust estate if the loss of profit is the result of the breach of trust.
(2) 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 fiduciary duties of the trustee, the terms or 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.
(3) If the trustee is liable for interest pursuant to this section, interest must be determined as the greater of the following amounts:
(a) the amount of interest that accrues at the legal rate on judgments; or
(b) the amount of interest the trustee actually received as a result of the breach of trust.
History: En. Sec. 119, Ch. 264, L. 2013.
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