58-2437. Same; trustee required to be agency of state or political or governmental subdivision; liability for acts or omissions of trustee.
58-2437
58-2437. Same; trustee required to be agency of state or political orgovernmental subdivision; liability for acts or omissions of trustee.The trustee or trustees, under such an instrument or will shall be anagency of the state, county, municipality, political or governmentalsubdivision and the regularly constituted authority of the beneficiary forthe performance of the functions for which the trust shall have beencreated. No trustee or state agency, county, municipality, political orgovernmental subdivision, as beneficiary, shall be charged personally withany liability whatsoever by reason of any act or omission committed orsuffered in the performance of such trust or in the operation of the trustproperty; but any act, liability for any omission or obligation of atrustee or trustees, in the execution of such trust, or in the operation ofthe trust property, shall extend to the whole of the trust estate, or somuch thereof as may be necessary to discharge such liability or obligation,and not otherwise.
History: L. 1974, ch. 235, § 7; July 1.