Delaware § 3323 - Cofiduciaries and co-nonfiduciaries.

§ 3323. Cofiduciaries and co-nonfiduciaries.

(a) Unless provided otherwise by the governing instrument, the following applies:

(1) Any power vested in 2 fiduciaries or nonfiduciaries by the governing instrument or by law must be exercised by both of the fiduciaries or nonfiduciaries.

(2) Any power vested in 3 or more fiduciaries or nonfiduciaries by the governing instrument or by law must be exercised by a majority of the fiduciaries or nonfiduciaries.

(3) A fiduciary or nonfiduciary that dissents from the action of the majority of the fiduciaries or nonfiduciaries is not liable with respect to the action to anyone having an interest in the fiduciary fund, or to the other fiduciaries or nonfiduciaries, if the fiduciary’s or nonfiduciary’s dissent is evidenced by a writing delivered to the majority.

(4) Unless otherwise provided in a governing instrument, when the governing instrument names 2 fiduciaries or nonfiduciaries, the fiduciaries or nonfiduciaries may designate 1 of the fiduciaries or nonfiduciaries to perform ministerial functions on behalf of both of the fiduciaries or nonfiduciaries.

(5) Unless otherwise provided in a governing instrument, when the governing instrument names 3 or more fiduciaries or nonfiduciaries, a majority of the fiduciaries or nonfiduciaries may designate 1 or more of the fiduciaries or nonfiduciaries to perform ministerial functions on behalf of all of the fiduciaries or nonfiduciaries.

(b) Unless otherwise expressly provided by a governing instrument or other law of this State, this section does not excuse a cofiduciary or co-nonfiduciary from liability for any of the following:

(1) Failure to participate in the administration of the fiduciary fund.

(2) Failure to attempt to prevent a breach of trust.

(3) Failure to seek advice and guidance from the court in a recurring situation.

65 Del. Laws, c. 422, §  6;  74 Del. Laws, c. 82, §  7;  81 Del. Laws, c. 320, § 4;  85 Del. Laws, c. 383, § 1;