Delaware Agreement to Partition Real Property Between Children of Decedent
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FAQ
(a) Where 1 or more persons are given authority by the terms of a governing instrument to direct, consent to or disapprove a fiduciary's actual or proposed investment decisions, distribution decisions or other decision of the fiduciary, such persons shall be considered to be advisers and fiduciaries when exercising ...
(5) The term ?wilful misconduct? means intentional wrongdoing, not mere negligence, gross negligence, or recklessness and ?wrongdoing? means malicious conduct or conduct designed to defraud or seek an unconscionable advantage. 25 Del. Laws, c. 226, § 3; Code 1915, § 3875; 37 Del.
(e) Any fiduciary acting under a governing instrument shall not be liable to anyone whose interests arise from that instrument for breach of fiduciary duty for the fiduciary's good faith reliance on the express provisions of such instrument.
Section 3303(d) invokes the designated representative statute, providing: ?[d]uring any period of time that a governing instrument restricts or eliminates the right of a beneficiary to be informed of the beneficiary's interest in a trust, unless otherwise provided in the governing instrument, any designated ...
A California partition action happens when one co-owner of real property wants to sell but other co-owners do not want to sell their ownership rights. Partition means division. The opposing co-owners have the absolute right by law to divide the property and sell their portion with the legal remedy of ?Partition?.
Code tit. 12 § 3343. Section 3343 - Authority to allocate trustee duties among multiple trustees (a) The power to appoint a successor trustee under a governing instrument shall be deemed to include the power to appoint multiple successor trustees.
Code tit. 12 § 3339. The appointed designated representative shall serve in a fiduciary capacity, notwithstanding any provision to the contrary in the governing instrument; b.
Consequently, Section 3339 provides that a designated representative is presumed to be a fiduciary, inferring that the presumption may be overcome by an express statement to the contrary. Indeed, Section 3301(d) of Title 12 expressly contemplates that a designated representative may serve in a nonfiduciary capacity.
