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The Florida Senate

2005 Florida Statutes

Powers exercisable by joint trustees; liability.
Section 737.404, Florida Statutes 2005

737.404  Powers exercisable by joint trustees; liability.--

(1)  Any power vested in three or more trustees may be exercised by a majority, but a trustee who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise, and a dissenting trustee is not liable for the consequences of an action in which the dissenting trustee joins at the direction of the majority of the trustees if the dissent is expressed in writing to the other cotrustees at or before the time of the action.

(2)  If two or more trustees are appointed to perform a trust and any of them is unable or refuses to accept the appointment or, having accepted, ceases to be a trustee, the surviving or remaining trustees shall perform the trust and succeed to all the powers, duties, and discretionary authority given to the trustees jointly.

(3)  This section does not excuse a cotrustee from liability for failure either to participate in the administration of the trust or to attempt to prevent a breach of trust.

History.--s. 1, ch. 74-106; s. 1045, ch. 97-102; s. 17, ch. 2003-154.

Note.--Created from former s. 691.04.