GO TO PASTERNAKFIDIS.COM
DC Metro Trust Code
  • About this website
  • FAQ
  • Trust code legislative history
  • About Pasternak & Fidis

Comparison of Uniform Trust Code, DC Trust Code, Maryland Trust Act, and Virginia Trust Code, with Annotations

  • Preamble
  • Article 1
  • Article 2
  • Article 3
  • Article 4
  • Article 5
  • Article 6
  • Article 7
  • Article 8
  • UPIA-UTC Article 9
  • Article 10
  • Article 11
Limit the display as desired by selecting the HIDE/SHOW buttons above each column. Access annotations by clicking
A

UTC §1003(a) provides that a trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. MD §14.5-903 omits this provision because it is inconsistent with Maryland common law. Hughes v. MacDaniel, 202 MD 626 (1953) and MacDaniel v. Hughes, 206 Md. 206 (1955) both hold that a transaction with a trust which benefits the trustee can be permissible if there is full disclosure, no inequitable advantage, the beneficiary is fully aware of all ramifications of the transaction, and the beneficiary sought outside advice and counsel.

Hide/Show UTC · Hide/Show DC · Hide/Show MD · Hide/Show VA

UTC

§ 1003. Damages in absence of breach.

(a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.
(b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.

DC

§ 19-1310.03. Damages in absence of breach.

(a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.
(b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.

MD

§ 14.5-903. No liability for loss or depreciation in value of trust property or for no profits.

A

[MISSING UTC(a)]
Absent a breach of trust or the applicable standard of care, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.

VA

§ 64.2-794. Damages in absence of breach

A. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the ad-ministration of the trust, even absent a breach of trust.
B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.

← Previous Article Next Article →

The materials available on this site are for informational purposes only and not for the purpose of providing legal advice. While we make every effort to present accurate and reliable information on this site, we cannot guarantee its accuracy or completeness.

Current Through: 7/25/2019

Copyright © 2022 Pasternak & Fidis, P.C. All rights reserved. DCMetroTrustCode.com

7101 Wisconsin Avenue, Suite 1025

Bethesda, MD 20814

phone 301.656.8850 · fax 301.656.3053