CHAPTER 376

FORMERLY

SENATE BILL NO. 78

AN ACT TO AMEND CHAPTER 35, TITLE 12, DELAWARE CODE, RELATING TO THE ADMINISTRATION OF ESTATES AND TRUSTS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §3544, Chapter 35, Title 12, Delaware Code, by striking said §3544 in its entirety and inserting In lieu thereof a new §3544 to read as follows:

§3544. Successor Trustee

Unless provided otherwise by the terms of the governing instrument or by order of Court, In the absence of actual knowledge of a breach of trust, or information concerning a possible breach of trust that would cause a reasonable person to inquire, a successor trustee appointed in accordance with the terms of the governing instrument or by the Court is under no duty to examine the accounts and records of its predecessor trustee or to inquire into the acts or omissions of its predecessor, is not liable for any failure to seek redress for any act or omission of any predecessor trustee, shall have responsibility only for property which is actually delivered to it by its predecessor, and shall have all of the powers and discretions conferred In the governing instrument upon the original trustee."

Approved July 14, 1988.