Delaware § 3328 - Limitation on personal liability of fiduciary.
Full text of Delaware Delaware Code § 3328 — Limitation on personal liability of fiduciary., with citation guidance and answers to common questions.
§ 3328. Limitation on personal liability of fiduciary.
(a) Except as otherwise provided in the contract, a fiduciary is not personally liable on a contract properly entered into in a fiduciary capacity if the fiduciary in the contract discloses the fiduciary capacity.
(b) The debts, obligations and liabilities incurred by a fiduciary by reason of the ownership or control of property held in a fiduciary capacity, including but not limited to liability incurred as a general or limited partner or for violation of environmental law, shall be enforceable solely against the fiduciary fund and no fiduciary shall be obligated personally for any such debt, obligation or liability solely by reason of owning or controlling the fiduciary fund.
(c) A fiduciary is personally liable for torts committed in the course of administering a fiduciary fund only if the fiduciary is personally at fault on account of the fiduciary’s own wilful misconduct proven by clear and convincing evidence in the court then having primary jurisdiction over the fiduciary.
(d) A claim based on a contract entered into by a fiduciary in the fiduciary’s fiduciary capacity on an obligation arising from ownership or control of the fiduciary fund or on a tort committed in the course of administering a fiduciary fund may be asserted in a judicial proceeding against the fiduciary in the fiduciary’s fiduciary capacity whether or not the fiduciary is personally liable on the claim.
(e) This section shall have no application to any action brought by or on behalf of a beneficiary for violation of a fiduciary’s fiduciary duties.
(f) Notwithstanding the provisions of this chapter or any other Delaware law, the term “fiduciary” shall mean a fiduciary as defined in § 3301 of this title and an adviser, including but not limited to an investment adviser or distribution adviser serving in conjunction with such a fiduciary.
73 Del. Laws, c. 409, § 1; 74 Del. Laws, c. 82, § 7; 77 Del. Laws, c. 98, § 7;Source: official Delaware text · Last verified 2026-08-27
Frequently Asked Questions About Delaware § 3328
What does Delaware Code § 3328 cover?
Section 3328 ("Limitation on personal liability of fiduciary.") is part of the Delaware Code, the codified statutory law of Delaware. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Delaware § 3328?
A common citation format is "Delaware Code § 3328" (Delaware). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Delaware law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Delaware official source linked on this page or consult a licensed Delaware attorney.
How does Delaware § 3328 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Delaware can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Delaware.