Pennsylvania § 7780.19 - Duty and liability of trust director - UDTA 8.

§ 7780.19. Duty and liability of trust director - UDTA 8.

(a) Scope.--Except as provided in subsections (b) and (c), with respect to a power of direction, a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power if the power:

(1) may be exercised by only one trust director, as a sole trustee in a like position and under similar circumstances; or

(2) is shared with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances.

(b) Licensed or certified trust directors.--If a trust director is licensed, certified or otherwise authorized or permitted by law other than this subchapter to provide health care in the ordinary course of the trust director's business or practice of a profession, to the extent that the trust director acts in that capacity, the trust director is not subject to duty or liability under this subchapter unless the terms of the trust provide otherwise.

(c) Effect of terms of the trust.--The terms of a trust may vary a trust director's duty or liability to the same extent that the terms of the trust may vary the duty or liability of a trustee in a like position and under similar circumstances.