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2021 California Code
Probate Code - PROB
DIVISION 9 - TRUST LAW
PART 4 - TRUST ADMINISTRATION
CHAPTER 1 - Duties of Trustees
ARTICLE 1 - Trustee s Duties in General
Section 16002.
Universal Citation:
CA Prob Code § 16002 (2021)
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16002.
(a) The trustee has a duty to administer the trust solely in the interest of the beneficiaries.
(b) It is not a violation of the duty provided in subdivision (a) for a trustee who administers two trusts to sell, exchange, or participate in the sale or exchange of trust property between the trusts, if both of the following requirements are met:
(1) The sale or exchange is fair and reasonable with respect to the beneficiaries of both trusts.
(2) The trustee gives to the beneficiaries of both trusts notice of all material facts related to the sale or exchange that the trustee knows or should know.
(Enacted by Stats. 1990, Ch. 79.)
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